Bitcoin is the solution to the crypto problems: Michael Saylor

Michael Saylor is bullish that the recent bankruptcy event is beneficial for Bitcoin.
Bitcoin is very transparent whereas FTT lacks, and this is the reason for bankruptcy: Michael Saylor.

Michael Saylor, an American entrepreneur, and business executive who has also co-founded Microstrategy claimed that the collapse of FTX had led to many problems for other crypto exchanges but, it will draw some benefits along with more investors for Bitcoin.

Per his point of view, the event will eventually remove thousands of purposeless digital assets and only Bitcoin along with some other platforms will survive.

As per the American entrepreneur, the downfall of FTX was a consequence of not having adequate clarity. And, if a firm stores crypto assets, then it shouldn’t be someone else’s responsibility.

Saylor purported that “you are required to have full transparency to it. And this is the thing what Bitcoin has and FTT lacks of”

The business executive trusts that this crisis will lead to the accelerated imposition of mandatory laws required in the crypto industry. He thinks that some of the platforms along with Bitcoin will only be able to fulfill those requirements thus others will be automatically eliminated.

Saylor’s prediction

As per his prediction, the price and growth of Bitcoin will be accelerated as the event will shift the industry to a stage where dominating institutions and crypto giants will shift to Bitcoin’s space.

However, at present, Bitcoin is trading under 17k. It is now 75% low as compared to its all-time high in November 2021 which stood at $68,789.63.

Despite the declining market that has been continuing since June, Saylor is still bullish about Bitcoin, and his anticipation is that its value will shoot up in the coming years. He has also very much sure that Bitcoin is still better than assets like gold and predicted that it will be skyrocketed soon and will reach $1,000,000.

In September, he repeated his clear forecast that Bitcoin will reach $500,000 in the coming 10 years if it matches the market capitalization of gold. The American entrepreneur also believes that Bitcoin may reach its new all-time high in the coming four years.

A few months ago, Microstrategy spent 46 million to buy 301 Bitcoin at a value of $19,851 per coin. So, the Nasdaq registered the crypto holdings went to 130,000 Bitcoin.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing