Michael Saylor, the founder of MicroStrategy, explained in an interview with Yahoo Finance why he considers a deep correction in Bitcoin unlikely in the current cycle.
On $BTC 100K Day, my discussion with @JulesHyman covered advice to @stoolpresidente, cyber-manhattan, the need for a digital assets framework, the emergence of #Bitcoin as the world reserve capital network, and the logic of a US Strategic #Bitcoin Reserve. pic.twitter.com/XG9uChRap8
— Michael Saylor⚡️ (@saylor) December 6, 2024
During the previous “crypto winter,” digital gold experienced an 80% drop — from ~$66,000 to ~$16,000, he recalled.
However, since then, the market structure has strengthened and significantly transformed. Previously driven mainly by retail investors, it is now led by institutional players, Saylor noted.
“For such a [decline] to occur, you would need a bunch of poorly capitalized companies like FTX, Genesis, Celsius, and BlockFi,” the entrepreneur added.
While volatility in Bitcoin will continue, it should not be seen as a barrier to purchasing cryptocurrency, according to Saylor. He expressed confidence that the asset will become “the most valuable in the world over the next 100 years.”
Throughout the year, MicroStrategy has regularly acquired digital gold as part of its strategy, despite price fluctuations. As a result, the asset brings profits to the company’s shareholders, its founder emphasized.
With Bitcoin surpassing $100,000, he reported that MicroStrategy’s crypto reserves have yielded a 63.3% return since the beginning of the year, with a net profit equivalent to ~119,800 BTC. The company owns 402,100 BTC.
Year to date, $MSTR treasury operations delivered a BTC Yield of 63.3%, a net benefit of ~119,800 BTC to our shareholders. At $103K per BTC, that equates to $12.3 billion for the year so far, making us the most profitable, fastest growing company on the #Bitcoin Standard.
— Michael Saylor⚡️ (@saylor) December 5, 2024
In the interview, he confirmed that he has continued to expand his personal Bitcoin portfolio, consistently purchasing coins over the past few weeks.
Regarding the idea of the US forming a national reserve in the first cryptocurrency, Saylor stated that the initiative could bring significant economic benefits to the country. If a substantial volume of the asset is accumulated, it could catalyze similar actions from other countries like China and Russia. However, to acquire the now-scarce Bitcoins, they would have to turn to the United States, which would “see a flow of money,” the entrepreneur described the scheme.
Former US Treasury Secretary Lawrence Summers called the idea of creating a strategic reserve in digital gold “madness.”