Bitcoin (BTC-USD) is recouping some of the losses it faced during the global market sell-off earlier in the week. MicroStrategy executive chairman Michael Saylor (MSTR) joins Market Domination to discuss the movement and why he is so bullish on the cryptocurrency.
“Bitcoin is the only truly global capital market in the world, and so if you think about the volatility of it, the volatility is the price that you pay in order to create billions of dollars of credit and liquidity at your fingertips, all times, everywhere for everybody. And so on Sunday night, all the other capital markets are closed. Bitcoin is the only capital market that’s functioning. What you saw over the past week is that it’s functioning really, really well. And that is the secret to the success of the asset class,” Saylor tells Yahoo Finance.
Despite its dip earlier in the week, Saylor sees the volatility as a sign of high energy. He adds, “The future is digital, right? There’s a race to own cyberspace. That being the case, empires are built on productive property, and they’re defended by firepower, naval power, air power, nuclear power, and digital power. Bitcoin’s digital power. You want bitcoin. You want to own cyberspace… It’s a good investment.” He notes that bitcoin has appreciated 55% a year over the past four years, while the S&P 500 (^GSPC) is appreciating 13% and bonds are depreciating 5%.
He closes, “We’re buying all the time. We’re buying every quarter. We’re buying the lows, the mids, the highs. You know, I’ll be buying the top forever because I’m expecting bitcoin will continue to appreciate as digital capital.”
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This post was written by Melanie Riehl
