Volatility could be scary for some BTC investors, but it’s the price to pay for overperforming the S&P index 10x over a decade, said MicroStrategy’s CEO, Michael Saylor. He also described Elon Musk as “enthusiastic” about the bitcoin space following the latest criticism from Tesla’s CEO.
- Speaking on the enhanced volatility that bitcoin faced in the past week or so, Saylor joined others indicating that such dramatic fluctuations could be expected to some extent in the crypto market.
- However, he believes this is just a small price to pay for investors who want to realize maximum gains.
“The volatility is the price you pay for it to be 10x outperforming the S&P Index for a decade and be outperforming Nasdaq and the S&P by a factor of eight in the last 12 months.”
- He also compared this week’s massive crash to the similar developments that transpired on Black Thursday in 2020 when BTC lost about 50% of its value in a day. Apart from the substantial price difference between now and then, though, he outlined a vastly greater trading volume on exchanges like Binance as the catalyst showing that “bitcoin is coming to life.”
- Saylor also received a question regarding the controversial theories if Elon Musk “triggered the sell-off” in the market. As previously reported, Musk’s EV-giant Tesla disabled BTC payments for its product which caused an immediate price retracement.
- While Saylor averted from answering the question directly, he described Musk as “enthusiastic about bitcoin. He is just as enthusiastic as I am.”
- Furthermore, MicroStrategy’s CEO believes that Musk would like to work with the BTC community to make the asset’s mining even greener.
- After the NASDAQ-listed giant announced its first multi-million dollar BTC purchase in August last year, Saylor has become one of the most prominent supporters of the primary cryptocurrency.
- Since then, numerous more buys followed, which resulted in a substantial stash. Or, as Saylor recently pointed out himself during the crash, “entities I control have now acquired 111,000 BTC and have not sold a single satoshi. Bitcoin Forever.”
BLOCKCHAIN NEWS • crypto news