Home CryptoCurrency News Despite the Bear Market, Michael Saylor Explains Why Bitcoin Is Going to $1M
CryptoCurrency News - June 8, 2022

Despite the Bear Market, Michael Saylor Explains Why Bitcoin Is Going to $1M

One of bitcoin’s biggest proponents – Michael Saylor – reiterated his viewpoint that the digital asset is a better financial instrument than gold. Contrary to the ongoing crypto winter and the numerous critics that envision BTC’s price plunging to zero, he expects the asset to soar to $1,000,000.

‘Bitcoin is, Like it or Not, Unique’

It is no secret that the Co-Founder and CEO of MicroStrategy – Michael Saylor – stands among the keenest advocates of the primary cryptocurrency. In recent years, he has outlined its merits, including its ability to act as a hedge against inflation. Even though BTC currently trades far away from its all-time high levels from last year, Saylor remains bullish on it.

In an interview for CNBC, he claimed that its near-term volatility is not a concern as it will prevail in the long run. In his view, the crypto space is divided into “deniers,” “skeptics,” and bitcoin supporters. The first two groups insist that the asset is either not real or that the government will sooner or later ban it.

In Saylor’s view, they are both wrong. Instead of going away or dumping to zero, BTC will shoot up to $1 million, he added.

The American opined that bitcoin is “unique” as there is no network in the world that has its level of adoption or its level of security.

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“It’s obviously better than gold and everything that gold wants to be,” he maintained.

In addition, the CEO touched upon the crypto-friendly regulatory bill that Senators Cynthia Lummis and Kirsten Gillibrand proposed earlier this week. According to him, the legislation recognizes the future potential of bitcoin. If implemented, it will prove broad society that digital assets are a “real thing that is going to be with us.”

Michael Saylor
Michael Saylor, Source: Business Insider

Not the First Time to Make Such a Forecast

A few weeks ago, Saylor gave a much similar prediction on bitcoin, envisioning it to exceed the milestone of $1 million in the future:

“There’s no price target. I expect we’ll be buying bitcoin at the local top forever. And I expect Bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money.”

MicroStrategy started its interaction with the leading digital asset in August 2020, when it began accumulating portions to its corporate balance sheet. The company kept purchasing amounts and currently holds nearly 130,000 BTC. Considering Saylor’s previous statements, the firm has no intentions to part with its possessions but rather accumulate more.

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