Michael Saylor is bullish on Bitcoin but sceptic on all other crypto

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andre francois mckenzie vh7U Z75L3U unsplash1
Bybit


Michael Saylor reiterates his bullish view on Bitcoin.
MicroStrategy Inc currently has about 140,000 BTC.
Bitcoin has lost nearly 10% from its high in April.

Bitcoin has lost nearly 10% in recent weeks but the pullback is only an opportunity to build a position as far as Michael Saylor – Chairman of MicroStrategy Inc is concerned.

Saylor is sceptic on other cryptocurrencies

Interestingly, his bullish view is particular to bitcoin only while he remains “sceptic” on other cryptocurrencies in the midst of regulatory uncertainty. Speaking with CNBC today, Saylor said:

Binance

I think bitcoin has found the bottom, the leverage is out of it, we are on a bull run. BTC is the one commodity the SEC won’t regulate. I think the way is clear for bitcoin to rally from here.

Earlier this month, the U.S. Federal Reserve signalled a “pause” which could be a tailwind for BTC moving forward as easing monetary policy is known to see investors make riskier bets.

MicroStrategy Inc currently has about 140,000 bitcoin bought for a total cost of roughly $4.17 billion.

Why else is he keeping bullish on bitcoin?

Saylor is convinced that the recent bank failures and the regulatory uncertainty surrounding cryptocurrencies will work in favour of the bitcoin considering its reputation as the safe haven.

Bitcoin is the most secure network, the most secure asset. You’ll see a consistent flow of capital flowing from the rest of the crypto ecosystem to bitcoin.

Other reasons cited for the bullish view on BTC include the “Lightning Network” – a protocol layered over bitcoin that he’s convinced has the potential to be a disruptive payment network.

Also on Friday, Anthony Pompliano also said that bitcoin was like the world’s biggest insurance company.

Source link By Wajeeh Khan

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