- MicroStrategy CEO Michael Saylor explained on CNBC why Bitcoin is the best asset.
- Saylor said today is the best time to buy Bitcoin amid the crypto meltdown.
- Bitcoin is currently trading at $21,105.83, down 0.05% over the last 24 hours according to CoinMarketCap.
MicroStrategy CEO Michael Saylor talked about Bitcoin on CNBC news telecast Wednesday amid crypto meltdown, explained why it is the best-performing asset compared to gold and other investments.
He emphasized why he thinks that Bitcoin will out-perform other assets. Saylor claims Bitcoin is the ‘first and the only legitimate scarcity’ in the universe.
In August 2020, his Bitcoin strategy was set up and it has performed ‘ten times’ greater compared to other assets. The top executive said that MicroStrategy backtested before investing in Bitcoin. This move has prepared the company properly to face gruelling situations, including the crypto crash.
The price of Bitcoin along with other cryptocurrencies has been down for several weeks now. MicroStrategy’s Bitcoin investment suffered an unrealised loss of over $1 billion during the crypto meltdown. Yet, Saylor was still bullish on Bitcoin. He opined:
If I gave you $100 billion, you can’t reproduce it, and it’s beyond the nation-state attack or corporate attack. So once you understand that and the fact that it’s a singularity there’s nothing like it in the world, then, yeah, this is an ideal entry point to get into this thing.
Saylor also talked about the margin call incident and said that it just made him famous on Twitter. In addition, the CEO clarified that they only need to collateralize a 200 million dollar loan, but the firm right now has collateralized that 10 times over.
MicroStrategy currently owns 129,918 BTC coins, and with the current bear market, he believes that it is now the best time to purchase Bitcoin for the long term.
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