The co-founder and CEO of enterprise analytics firm MicroStrategy, Michael Saylor, remains long-term bullish on Bitcoin despite a gloomy macro backdrop.
In a new Fox News interview, Saylor says the top crypto asset is the “most certain thing” in a world that’s facing a lot of uncertainties.
“In a market full of chaos and sound and fury, people need a safe place to stand apart from the intervention of a government, an agency or a corporation. Bitcoin represents a fair, open, equitable network with a very simple promise to anyone who wants to join, which is, what you own is yours, and no one is going to take it away from you.”
Saylor’s comments come after Bitcoin has lost nearly 60% of its value from its all-time high of $69,000. At time of writing, BTC is exchanging hands at $29,650.
The MicroStrategy head also highlights the fact that despite Bitcoin’s poor performance over the last few months, BTC is up more than 3x since the start of the pandemic.
“In these markets right now, there’s no simple place to hide. All indexes are bear market territory. Bonds don’t represent a safe refuge because they’re currency derivatives. Stocks have to grow their cash flows faster than the inflation rate.
But if you zoom out two years since the beginning of the Covid crisis, the US money supply has expanded 36%. Gold is up 7%. The S&P index is up 29%. The Nasdaq’s only up 19%. Bitcoin’s up 229%, so if you can stomach the volatility, you take the long view, you’ve got a safe haven there.”
Saylor says he and his company will continue to buy more BTC regardless of the price.
“Whenever I have some spare cash, we buy more Bitcoin. We are taking a very, very long view toward this. The network is only getting better. Adoption is improving. Very constructive regulation is coming out of D.C., and the lightning network is moving us closer to Satoshi’s promise of letting everybody in the world trade with each other at the speed of light in a fair and equitable fashion…
I’ll be buying at the top forever. The maximalists believe that Bitcoin is an instrument of economic empowerment. I’m not trying to time the market.”