Michael Saylor, the CEO of business intelligence and mobile software company MicroStrategy, has come out to disclose that the firm will continue buying Bitcoin (BTC/USD) into the foreseeable future.
Saylor shared this news during an interview on November 19, saying the company’s strategy would help it reap the benefits of adopting BTC in its initial stages after the flagship crypto gets mainstream adoption.
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In the interview, Saylor said BTC is bullish in the long term because of increasing adoption and rising inflation. With the leading crypto positioning itself as an inflation hedge, Saylor noted that MicroStrategy would continue stacking it.
The BTC maximalist added that increasing regulatory clarity around the crypto space is helping the sector get broader adoption as a wider group of potential buyers continues warming up to it.
However, he acknowledged that the crypto market is still volatile. According to him, this volatility is responsible for BTC’s recent slump from its ATH of $68,789.63 (£51,163.73).
Saylor further noted that many aspects of the crypto revolution are murky and require the market to sort out what they mean.
The market demands a digital dollar
According to Saylor, the current financial market needs a digital dollar and a digital asset that serves as a store of value. He added that the BTC/USD fulfills this need. The MicroStrategy executive went on to note that there is a raging war between BTC on one side and gold and silver as its opponents on the other side.
Despite the assets competing to become non-sovereign stores of value, Saylor believes BTC is on the winning side.
At the time of writing, BTC is changing hands at $58,520.16 (£43,525.60) after gaining 1.46% over the past 24 hours. While this value represents a 14.77% plunge from its November 10 ATH, it is worth noting that the coin’s price denotes a 53% gain over the past six months.
On the other hand, the iShares Gold Trust ETF (NYSEARCA:IAU), which tracks the performance of gold’s price, has been trading sideways over the past six months. This performance supports Saylor’s narrative that BTC is gaining a competitive edge over gold.
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