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Saturday, June 25, 2022

Bitcoin Might Face Just One Legitimate Risk

The price of Bitcoin has gone down by around 20% from its record high and is gearing up for the fourth straight decline over the weeks. Nevertheless, most of the crypto bulls have been keeping their faith even in the face of such adversity- which includes Michael Saylor, the CEO of MicroStrategy, who recently included BTC to the balance sheet of his company last year.

Ever since then, he has been quite an outspoken advocate for cryptocurrency. Irrespective of the downfall in the price of BTC, he doesn’t really see any long-term obstacles to the prices going higher. 

Traders Not Afraid Of Decreasing Bitcoin Prices

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The only legitimate risk that Bitcoin could face right now is a black swan, as he mentioned in an interview. While dismissing other potential challenges, he also spoke about the very fact that the cryptocurrency hadn’t been hacked yet. Neither was the cryptocurrency going to be banned in the near future. And when people tried to copy the cryptocurrency ten thousand times, they failed ten thousand times too. Saylor believes that the cryptocurrency will be inexhaustible, a sentiment that he also repeated on Yahoo Finance Live. 

Saylor thinks that Bitcoin and other cryptocurrencies would be driven by technology, as it gets built into Google, Apple, Facebook, and other formats. When the product starts having a technical utility, it will also be getting a far more drive for adoption.

He also acknowledged the recent and the potential future volatility- where he believes that things aren’t going to go up in a perfect exponential curve but that doesn’t mean that they would be seeing a world where the technology would slow down. 

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Michael Saylor’s advocacy behind Bitcoin is simply due to how well his company has been served by BTC positioning. MicroStrategy shares have risen by about 380% since he first disclosed the joint venture. 

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