Bitcoin to recover after Terra’s collapse and rise “into the millions,” says Michael Saylor
While others believe that Bitcoin might not be the best crypto to use for payments, Saylor argued that it’s going to change soon with the introduction of the Lightning Network.
Wed, 25 May 2022, 04:45 am UTC
Bitcoin (BTC) recently dived below $30,000 amidst a turbulent week that saw the crash of the LUNA crypto and the stable UST prices leading to the collapse of the $40 billion Terra ecosystem. However, long-time Bitcoin proponent and MicroStrategy CEO Michael Saylor is sticking to his guns and remains optimistic about BTC’s long-term potential.
In fact, he will continue with his strategy of buying and holding Bitcoin. Since last year, MicroStrategy has been taking advantage of price declines and bought the dip and that hasn’t changed even with the current market decline.
“There's no price target,” Michael Saylor told Yahoo Finance Live. “I expect we'll be buying Bitcoin at the local top forever.”
While Bitcoin’s price has stagnated near the $30,000 level in recent weeks, the MicroStrategy CEO remains convinced that the crypto could soar to 7-digit figures in the long run. “And I expect bitcoin is going to go into the millions,” he added. “So we're very patient. We think it's the future of money.”
While others believe that Bitcoin might not be the best crypto to use for payments, Saylor argued that it’s going to change soon with the introduction of the Lightning Network. “It’s pretty clear that Bitcoin is the future of money and Lightning is the future of payments,” he said. “And if you’re going to do payments and transactions high speed, you’re going to need a base later that’s ethically sound, economically sound, and technically sound. That's what Bitcoin is. But then billions and billions of transactions are going to go on a layer 2 like Lightning.”
Saylor believes that the crash of the token Luna and the stablecoin UST will accelerate stablecoins and security tokens regulation. “That’ll be good for the industry,” he opined. “Over time, I think as people get educated and as they get more comfortable, I think we'll recover from this drawdown.”
The MicroStrategy CEO believes that such market events will ultimately highlight Bitcoin’s advantage over other coins. “Once people figure out why bitcoin is superior to everything else, then the institutions are going to come in with large sums of money, and we're not going to have to struggle through this massive explanation of why we're different than 19,000 other crypto tokens,” he explained.
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