Saylor says the bankruptcy of crypto companies will benefit Bitcoin in the long term
Microstrategy’s former CEO talked about last year’s failed crypto projects and noted that it will result in a better outcome for Bitcoin in the long term.
Michael Saylor is a bitcoin maximalist and he is the former CEO of the publicly listed company Microstrategy, a business intelligence firm. Under the leadership of Saylor, Microstrategy started to add Bitcoin to the company balance sheet in August 2020. To this date, Microstrategy holds 132,500 BTC (worth $1.84 billion).
During Microstrategy’s Q4 2022 earning calls, Former Microstrategy CEO said that last year many crypto projects collapsed under the microeconomic situation.
Saylor pointed out the downfall of BlockFi, Celsius, FTX, Genesis, Voyager, Alameda, FTX token, Terra (Luna), and TerraUSD in the last 12 months of time frame as the biggest disasters in the Crypto sector.
Microstrategy ex-CEO said that such bad events in the crypto sector surely impacted the price of Bitcoin and also these failures’ fear will remain in existence in near future but noted that it will not remain in long term.
According to Saylor, the failure of these projects or tokens was because of their bad business model or stupid use case.
Further, Saylor added:
“It has educated an entire generation of investors on the benefits of Bitcoin as a decentralized digital commodity and the benefits of not having counterparty risk.”
Through the earning calls report, Microstrategy company confirmed that it will take advantage of the volatile nature of Bitcoin. In short, the company will trade with its Bitcoin holdings.
Bitcoin price
The current trade price of Bitcoin (BTC) is $23,190 and this price is 38.37% high than the last 30 days’ trade price.
The current Bitcoin greed index is 58, which means people are greedy to make a profit because of the rapid increment in the price of Bitcoin.
Read also: Next week Bank of England will release an update on CBDC
