Bitcoin’s near-term volatility is largely irrelevant, says Michael Saylor
Bitcoin has performed poorly over the past few months, but MicroStrategy’s CEO believes that it is irrelevant in the long term.
Michael Saylor, the CEO of MicroStrategy, believes that Bitcoin’s short-term volatility is largely irrelevant. According to Saylor, investors shouldn’t bother about Bitcoin’s short-term volatility if they understand the fundamentals of the leading cryptocurrency and how difficult it would be to create something better.
In a recent interview with The Block, Saylor said;
“Bitcoin is the most certain thing in a very uncertain world, it’s more certain than the other 19,000 cryptocurrencies, it’s more certain than any stock, it’s more certain than owning property anywhere in the world.”
MicroStrategy remains one of the companies with the largest Bitcoin holdings in the world. The tech company has spent billions in acquiring bitcoins over the past few years, and Saylor maintains that MicroStrategy doesn’t plan to sell anytime soon.
The cryptocurrency market has lost more than 50% of its value since hitting an all-time in November 2021. While many believe that we are in a bear market, Saylor is not entirely convinced. He said;
“I don’t know if it’s a bear market or not, but if it is a bear market, then we had three of them in the last 24 months. If you’re not planning to hold it for four years, you’re not really an investor at all, you’re a trader, and my advice for traders is don’t trade it, invest in it.”
Bitcoin reached an all-time high of $69k in November 2021. However, the leading cryptocurrency has lost more than 50% of its value since then. At press time, BTC is trading around $31k per coin.
The total cryptocurrency market cap also reached $3 trillion in November but currently stands at $1.3 trillion, down by more than 55% over the past six months.
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