MicroStrategy CEO Michael Saylor clarified that his company is currently investing without being afraid of the current low Bitcoin prices.
MicroStrategy CEO Michael Saylor argued in an interview with Bloomberg that China made a trillion-dollar mistake by expelling Bitcoin miners from its borders. The investor and fervent Bitcoin enthusiast spoke about the adverse short-term effects thAT China had brought with the recent abolition of Bitcoin mining.
In the interview, while acknowledging the decline in the hash rate and prices, Saylor firmly believes that this mistake from the Asian country will bring an excellent set of chances for others to grow.
China Made a Huge Mistake
The Asian giant intensified its measures against the crypto ecosystem in the country this year. Among the several laws, it was the limiting of space to mining and commerce cryptocurrencies. The last action of this country, last week, came from the Central Bank and its demand for banks to take action against digital currencies.
Before that, the Chinese authorities released a warning on May 21, arguing that it would take action against crypto, which has plunged prices since then. Subsequent movements were the closure of crypto mining in various areas and the massive migration of many farms and even mining equipment manufacturers such as Canaan.
Being a country like China, which has the highest percentage of participation in Bitcoin mining, all these actions seriously harmed the price. Michael Saylor commented on this matter in the Bloomberg interview and attributed the price declines to Chinese miners, which have to liquidate their positions by force.
Although he admitted that a nation as powerful as China could afford to make such a mistake, he still described the decision as a tragic move.
On the other hand, the low prices represent an opportunity for Western investors to hoard more cheap BTC, he says, including the company he leads.
Likewise, Saylor believes that North American Bitcoin miners will also benefit from this decision because their cost appears to be the same. They will generate 50% more revenue or 75% more revenue for quite some time.
Saylor Speaks About the Current Decline in BTC
Bloomberg journalist Emily Chang also discussed, during her interview with Saylor, the current decline in BTC. On June 21, MicroStrategy added another 13,005 BTC to its already sizable stake, which now totals over 100,000 BTC, valued at more than $ 3 billion.
Chang asked if he (Saylor) had ever considered the possibility that the dip was part of a prolonged dip. Saylor explained that China and its exodus of capital have already gained control over the dynamics in the crypto market.
He also clarified that his strategy for the company is long-term and evaluated that Bitcoin is to property what the iPhone is to music. the CEO took to Twitter to reiterate some main points from his interview. In a tweet, he said:
“If you want to bring joy to 5 billion people, you need to give them digital music; if you want to give knowledge to 5 billion people, you need to give them digital books; if you want to give wealth to 5 billion people, you need to grant them digital property. ”
By: Jenson Nuñez
