At present, the cryptocurrency market is undergoing a massive correction, and some market analysts believe that the crypto winter has arrived a little earlier than expected for the current year.
However, MicroStrategy, which seemed to be struggling under pressure from both Stocks and Cryptocurrency markets, seems to be making a rapid and visible recovery in the second quarter.
According to the latest reports, MicroStrategy stocks are performing well with an addition of 10% market value recently. With its latest conquest, MicroStrategy managed to secure its position in the S&P 500 Index.
It is worth noting that Bitcoin prices also recovered by 5% during the same duration. On the other hand, MicroStrategy CEO Michael Saylor who is a staunch Bitcoin proponent, recently reiterated his bullish stance on Bitcoin.
Michael Saylor’s Bullish Stance
Michael Saylor is not only big on Bitcoin recovery, but he has big expectations from the flagship cryptocurrency. The commercial reserves of Bitcoin with MicroStrategy are around 129,218 Bitcoins making it one of the biggest commercial investors of the crypto token. However, the recent Bitcoin crash has been unable to faze Michael Saylor thus far.
Speaking to Journalists at Yahoo Finance, Saylor claimed that Bitcoin’s per-unit price has the potential to reach $1 million shortly. He also claimed that Bitcoin is the currency of the future. According to his interview statements, for Bitcoin, there are no set goals for pricing.
He claimed that there is an expectation in MicroStrategy that the company will purchase the token during peak season. He claimed that since the company is waiting for Bitcoin to reach millions, therefore, they are reasonably patient for their investment to generate results.
Talking about the regulatory aspect, Saylor claimed that Bitcoin could not be classified as registered security, and therefore many investors are missing out on this golden opportunity. He further claimed that the lack of a digital security narrative could hinder asset class validation as a whole. Furthermore, Saylor told the media that Bitcoin is a superior investment and financial product.
He believes that while most institutions prefer to have an investment portfolio based on fiat currencies, it will take time and effort to fully explain the merits of owning Bitcoin over 19 thousand other cryptocurrencies.
Saylor also claimed that Bitcoin’s current crash is influenced by the stock market and other risk-inclusive assets. Saylor also iterated that the financial markets are facing pressure from the policies of the Federal Reserve to raise interest rates which also resulted in adding risks and inflation.