Michael Saylor of MicroStrategy fame is still a major bitcoin believer. Despite all the bearishness that’s happened with the world’s number one digital currency over the past several months, Saylor is confident the currency could potentially come back from its recent mega drops and will again find itself trading above $65,000 in the next four years or so.
Michael Saylor Still Loves BTC
He even went so far as to say that within the next decade, the price of a single bitcoin could reach $500,000, though he failed to specify when, exactly, he thought that would happen. The news shows that Saylor and bitcoin are likely inseparable, and he’ll always find ways to attach himself to the world’s number one digital currency.
At a recent conference, Saylor commented that bitcoin continues to touch the $20,000 range, which he believes is a sign that the currency is bottoming out. He stated:
It has touched that a few times. I think this is stable… The next logical step for bitcoin is to replace gold as a non-sovereign store of value asset.
Here is the problem, however. Saylor’s words must be taken with a grain of salt. He has attached himself so tightly to bitcoin that it has practically cost him everything over the past few months. Not long ago, it was announced that Saylor would be stepping down as the CEO of MicroStrategy, the software giant he has headed since the late 1980s.
His decisions surrounding bitcoin have brought massive debts onto the shoulders of his once great company, and he’s now stepping down to serve as its new executive chairman. It’s a demotion of sorts that will allow him to remain in constant connection with bitcoin, as after all this, he still plans to add more of the asset to his company’s balance sheet.
It’s okay to like bitcoin. Heck, it’s even okay to love bitcoin. We’re sure many people reading this post right now do, but to put everything you have into it like Saylor has could likely lead to problems down the line. Many experienced analysts and industry heads often recommend only putting anywhere between one and three percent of your portfolio into bitcoin or speculative digital currencies, and Saylor appears to have taken his love of investing too far.
Maybe He’s Taken Things Too Far
Right now, MicroStrategy is experiencing billion-dollar losses, which have ultimately caused the company to fall from grace in recent weeks.
To make his situation even worse, Saylor is also facing a $120 million lawsuit from the Attorney General of Washington, D.C. The AG claims Saylor has avoided paying taxes to the area over the past several years despite allegedly being a resident of D.C. Saylor says this is incorrect and he claims to be a resident of Florida.
