Michael Saylor Reveals How 80% Bitcoin Crash Could Be Possible: Details
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Michael Saylor, MicroStrategy executive chairman, has shared his recent interview with Yahoo Finance, where he gave some details of his recent personal Bitcoin purchases.
Saylor also admitted a theoretical possibility of Bitcoin crashing as much as 80% at the end of this cycle, even though he said he does not believe that this scenario would play out.
Michael Saylor's personal Bitcoin accumulation
The hosts talked to MicroStrategy’s founder about the company’s Bitcoin strategy, making regular BTC purchases regardless of volatility, and not only on dips but on price jumps as well.
Over the past two years, Saylor’s company has taken to raising capital through debt by issuing MSTR shares to buy more Bitcoin and then to deliver profits on those shares to the shareholders.
According to a tweet Saylor published on Thursday, MicroStrategy’s treasury operations have brought a Bitcoin-based yield of 63.3% to the shareholders at a net benefit of roughly 119,800 BTC. While Bitcoin changed hands at $103,000, those profits equate to $12.3 billion for this year so far, Saylor said, which makes MicroStrategy “the most profitable, fastest growing company on the Bitcoin Standard.”
Michael Saylor reminded the show hosts that there is a Saylor Tracker website that tracks changes in the company’s portfolio. He said that it shows that MicroStrategy has bought regularly and pretty frequently this year.
Here, the founder revealed that he bought Bitcoin in quite large amounts every week over the past month and intends to continue buying to add BTC to his personal crypto bag.
Yuri MolchanTheoretical but unlikely scenario of 80% Bitcoin crash from Saylor
The MicroStrategy founder also responded to a question about whether a massive Bitcoin drawdown is likely in the current cycle. While Bitcoin continues to show pullbacks, Saylor does not believe that the world’s pioneer cryptocurrency can stage a massive correction like the one that happened in the previous cycle, when BTC crashed from $66,000 to $16,000 per coin, falling by 80% in 2022.
“In order for that to happen, he said, you had to have a bunch of very poorly capitalized companies like FTX and Genesis and Celsius, and BlockFi,” Saylor commented. But now there are no companies like that in the market, therefore, Saylor finds the likelihood of this scenario repeating itself small.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
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