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Michael Saylor says the Current Crypto Crash Will Benefit Bitcoin

Michael J. Saylor, Co-Founder, Chairman, and CEO of MicroStrategy Inc. (NASDAQ: MSTR), a Nasdaq-listed business analytics company, believes the crypto market fall is “excellent” for Bitcoin.

MicroStrategy announced in a press statement on August 11, 2020 that it has “bought 21,454 bitcoins at an aggregate purchase price of $250 million” to utilize as a “main treasury reserve asset.”

Saylor states:

“Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic”

“and business landscape that we believe is creating long-term risks for our corporate treasury program”

” ― risks that should be addressed proactively.“

MicroStrategy has continued to amass Bitcoin since then, and its CEO has become one of the most outspoken Bitcoin supporters. MicroStrategy’s most recent $BTC acquisition, which Saylor announced on April 5, means the company now has 129,218 bitcoins in its HODL, which were “bought for $3.97 billion at an average price of $30,700 per bitcoin.”

Saylor was interviewed by Fox Business host Charles Payne on May 13. Saylor stated that cryptoassets may be separated into three groups, a reality that was highlighted last week after the market’s price drop.

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