- The current crypto market crash is milder than the previous ones.
- Michael Saylor believes the Bitcoin pullback will soon be over.
- Strategy recently bought 2,486 additional Bitcoins to boost its portfolio.
Strategy’s Executive Chairman, Michael Saylor, has said the current crypto market decline represents a milder and shorter ‘crypto winter’ than past ones. In a recent interview, Saylor cited institutional inflows, pro-crypto U.S. policies, and bank infrastructure as reasons why cryptocurrency users should be optimistic about the future.
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Saylor and Strategy Confident About Bitcoin’s Resurgence
Saylor spoke a few hours after his company acquired 2,486 additional Bitcoins for $168.4 million, with each token costing approximately $67,710. The latest acquisition boosts Strategy’s Bitcoin holdings to 717,131 BTC. Although Bitcoin traded at $68,164 at the time of writing, reflecting a 46% decline from an all-time high of over $126,000, according to TradingView, Saylor’s bullish outlook reflects the dominant sentiment within the cryptocurrency ecosystem, despite warnings of further declines from skeptics.
Meanwhile, Saylor noted that he has been active in the Bitcoin market for five years, and the current downturn is the mildest he has experienced. According to him, he is confident that the downturn will be short, given the improved support the crypto industry is receiving from the banking industry, better than a few years ago.
External Support is Boosting the Crypto Industry
The renowned entrepreneur cited growing support from the Donald Trump administration as a boost for the industry, alongside an increased number of cabinet members who are pro-digital assets and pro-innovation, as key drivers to the bullish outlook for Bitcoin and the broader cryptocurrency market.
According to Saylor, the actions of practitioners within the cryptocurrency ecosystem, who have relentlessly introduced new advances into the industry, are playing a significant role in attracting capital to the asset class.
Although the current Bitcoin price is below Strategy’s average purchase price per Bitcoin, reflecting notable unrealized losses for the company, Saylor dismissed fears that investors may be worried about their holdings. He clarified that the company bought most of its Bitcoins with equity, not debt. Therefore, there is no need to worry about “unrealized losses,” considering the current price.
Related: Tom Lee: “We’re Really Close to the End” of the Crypto Winter
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Source: https://coinedition.com/milder-bitcoin-downturn-will-be-over-soon-says-michael-saylor/
