In particular, during an interview with Stansberry Research on August 13, outgoing MicroStrategy (NASDAQ: MSTR) CEO Michael Saylor stated that gold would likely experience demonization triggered by Bitcoin’s growth. However, Saylor acknowledged that Bitcoin’s path to replace gold would be characterized by highs and lows. Interestingly, Saylor noted that Bitcoin has a higher chance of being adopted as currency by more jurisdictions, unlike gold.
Managing Bitcoin’s volatility
On concerns regarding Bitcoin’s volatility, Saylor said that long-term investors should not be bothered noting that swings in price are part of the asset’s maturity path. He suggested that Bitcoin has received criticism over volatility due to investors out to make money in the short term. In this line, Saylor stated that the long-term strategy had guided MicroStragey’s Bitcoin investment plan. Notably, since venturing into Bitcoin in August 2020, the company has accumulated over 200 BTC. Saylor, who was key to the strategy, has come under criticism after the company plunged into losses. During Q2 2002, MSTR reported quarterly revenue of $122.1 million against expectations of $126 million. Furthermore, the company also posted $918.1 million in losses, with $917.8 million attributed to its Bitcoin holdings.
Bitcoin has likely bottomed
Elsewhere, Saylor suggested that the recent crypto market gains indicate that Bitcoin has bottomed. Notably, by press time, Bitcoin was trading at $24,500, making gains of almost 3% in the last 24 hours. It is worth mentioning that after experiencing a tough first half of the year, Bitcoin, alongside Ethereum (ETH), have led the crypto market in a short-term rally. Watch the full interview below:
