The crypto markets are extremely volatile right now. Bitcoin has been trading between the $29k-$30.5k price range mostly, and alts are bleeding as well. It is a situation in which one can assume that the trust of investors starts to fade away. But still, the most well-known supporters have not changed their views on BTC. Michael Saylor is one of them, as he sticks to his $1M price target for Bitcoin.
Michael Saylor sticks to his $1M price target for Bitcoin
In a recent interview with Yahoo Finance, Micahel Saylor shared his views on Bitcoin. It was an important question because market volatility often plays a massive role in how investors view things. But Saylor’s opinions are unaffected by the current situation as he said, “We are in it for the long term.” He was also asked if there is a certain price at which his company Microstrategy will start selling their Bitcoins. To this, Saylor replied, “No.” He further added, saying their strategy is to buy and hold forever, so they will keep buying.
Micahel Saylor expects that the price of Bitcoin will be in millions as it is the future of money. The same opinion is also shared by Cathie Wood, the CEO of Ark Invest and another prominent supporter of Bitcoin. This is great as a lot of Bitcoin hodlers look up to Michael Saylor when we think about a long-term approach with BTC.
Saylor’s opinion on stablecoins and the Luna crash
Micahel was also asked about his opinions on stablecoins and the recent UST and Luna crash. He said that this crash is going to speed up the regulations of stablecoins and security tokens which is a positive thing for the industry. He also thinks that congress is moving slowly around regulations while the administration wants to go faster. Most importantly, he believes that as people become more educated on the topic, the effect of this crash will fade away.
While a $1 million price target could seem far-fetched, it is likely to happen. If Bitcoin is able to take a major share of the remittance market in the next 10 years, the price target will be easy to achieve. What are your thoughts as Saylor sticks to his price target for BTC? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.