Former CEO of software giant MicroStrategy Michael Saylor made an appearance at this year’s Miami Bitcoin Conference. He assured all people in attendance that bitcoin is here to stay, and that they shouldn’t worry about the prospects of a currency that, at this stage, has clearly proven itself.
Michael Saylor Still Loves BTC
Saylor addressed the 2022 bear market and tried hard to calm the investors in the room. Whether they felt concerned about the future of bitcoin is unclear at this time, but Saylor was quick to address the situation and let them know that the technology behind bitcoin is revolutionary, and that it’s going to secure the currency’s place in the financial spectrum. He stated:
The reason that bitcoin is so sound, literally sound, is because it is thermodynamically sound. It’s this masterpiece of engineering because we’ve created a monetary asset where we’ve stripped away all the counterparty risks.
He stated that one of the big reasons why bitcoin is so “special” is because it’s simple to use. Currently, individuals only need internet connections and digital wallets to appreciate bitcoin and its altcoin cousins. When one is trying to gain access to standard monetary tools and services, they’re usually stuck answering for their past histories (job histories, financial histories, etc.) The funny thing is bitcoin really doesn’t care about all that.
With a digital wallet and access to the internet, one can easily start trading, buying, selling, and investing in bitcoin to their heart’s content. Saylor also said that right now, bitcoin’s “safe haven” status is growing given how shady and untrustworthy the entire rest of the industry has become following a long string of bank failures that include Silicon Valley Bank, Signature Bank, and First Republic Bank. He said:
All of those things, which could be viewed in a negative light, are positive for bitcoin because they’re all accelerating the conclusion of the mainstream investor that bitcoin is special and ethically sound, technically sound, and economically sound. Bitcoin fixes things. Bitcoin can help everybody.
He was also very positive about the Lightning Network, which is a service that enables many smaller bitcoin transactions to occur off-chain, thus freeing up space on the network and ensuring transactions move faster.
Saylor is a maximalist that believes bitcoin has a bright future ahead of it despite its many ups and downs of the last couple years. He finished his statements with:
Bitcoin is here to stay. Bitcoin is the future.
So Much Love Led to Trouble
Saylor is a man who has been investing his company’s reserves into bitcoin since late 2020.
While things initially appeared positive, by the middle of 2022, the industry took a nasty turn, yet Saylor continued to invest and ultimately put his company in debt as a result.
