MicroStrategy CEO remains bullish on Bitcoin, because you can’t create similar network even for $500 billion
Prominent Bitcoin evangelist and MicroStrategy Managing Director Michael Saylor spoke to CNBC’s Squawk Box, commenting on the new crypto bill proposed on June 7 by two US senators – Kirsten Gillibrand and Cynthia Lummis – and explaining why it think Bitcoin will finally hit the price of $1 million.
Here’s why Saylor does not expect Bitcoin to plunge
When asked if he expects Bitcoin to drop further and MicroStrategy to suffer significant losses after its massive BTC investment, Michael Saylor stated that he does not believe the flagship cryptocurrency is likely to drop to zero.
Saylor said that now that Bitcoin skeptics and deniers are wrong – Bitcoin has not been banned by governments and they are looking for ways to adopt and regulate it – BTC is definitely not going to zero. And if it doesn’t go to zero, Saylor added, then it’s going to hit $1 million.
“Bitcoin would cost $500,000 if it was like gold”
The MicroStrategy chief also said that Bitcoin is “obviously better than gold and everything that gold wants to be.” If BTC were worth only what gold is worth, “Bitcoin would be only five hundred thousand USD per coin.”
As two recent factors in Bitcoin’s favor, Saylor mentioned Treasury Secretary Janet Yellen’s speech at American University on April 7 and the crypto bill introduced on June 7 by Senators Kirsten Gillibrand and Cynthia Lummis. In his April speech, Yellen recited the legend of mysterious Bitcoin creator Satoshi Nakamoto and explained that digital assets are crucial to the future of the United States.
Based on these, Saylor believes, people are now beginning to realize that Bitcoin is here to stay and its adoption is expanding.
No similar network can be built even for 500 billion dollars
Michael Saylor believes Bitcoin is a unique blockchain that cannot be replicated even though he provided $5 billion instantly to sponsor the creation of a similar network, which would have the same level of security and adoption.
This, along with the aforementioned factors, makes Michael Saylor very bullish on where things are heading from the current state of affairs with Bitcoin.
At the end of March this year, MicroStrategy held approximately 129,000 Bitcoins worth $3,917,988,000 at the current exchange rate.
At press time, Bitcoin is trading at $30,429, per CoinMarketCap.
