BTC: Still a Major Safe Haven Despite Volatility, Says Saylor
• Michael Saylor, CEO of MicroStrategy, has remained bullish on bitcoin despite its volatile past year.
• Despite his company’s losses due to bitcoin investments, Saylor believes that it is still a “safe haven” for institutional investors.
• He points out that despite its volatility, BTC is the best-performing asset over the past two and a half years.
Michael Saylor Still Believes in BTC
Michael Saylor – the former CEO of MicroStrategy – is confident that despite all that’s happened over the past year or so, bitcoin is still a major safe haven for traders and investors. It’s interesting to see Saylor remain such a bull when it comes to bitcoin given how disastrous some of his BTC bets have been over the past several years. First beginning his bitcoin investments in late 2020, Saylor has continued to add the digital currency to his company’s balance sheet, a decision that has wound up costing MicroStrategy more than $1 billion at the time of writing.
Volatility and Speculation
All this stems from the hardcore volatility and speculation that was witnessed in the crypto space last year. 2022 – which was arguably the worst period on record for the digital currency arena – saw many leading assets (like bitcoin) lose a minimum of 70 percent of their values over the course of 12 months. Hitting a new all-time high of about $68,000 per unit in November of 2021, BTC ended the following year in the mid-$16K range. Several other assets followed suit. This caused the space to lose more than $2 trillion in valuation, and while things ultimately looked terrible on paper (and they still do), Saylor is not about to give up his belief in BTC anytime soon.
In a recent interview, Saylor commented: The only real safe haven for an institutional investor is bitcoin. Bitcoin is the only universally acknowledged digital commodity, so if you’re an investor, bitcoin is your ’safe haven‘ in this regard. He mentioned: When we think about the corporate strategy and its effectiveness, we go back to the summer of 2020… We pick [several] different benchmarks. I think