Michael Saylor, CEO of Microstrategy, maintains his position despite bitcoin's rapid decline. The bitcoin bull stated that his plan is to acquire and keep the cryptocurrency for the long haul.
Saylor told Yahoo Finance Live: "There is no price target. I anticipate that we will forever purchase bitcoin at the local peak. And I anticipate bitcoin to reach the millions. So we're really patient. We believe that it is the future of money."
Bitcoin, according to Saylor, has declined alongside other risk assets, such as stocks, as the U.S. Federal Reserve has pushed to raise interest rates and investors have sold off riskier assets or assets with soaring prices.
Saylor emphasized that this is distinct from the collapse of the stablecoin TerraUSD and its sister token L, which he believes will accelerate efforts to regulate stablecoins and security tokens.
He stated, "This is fantastic for the industry." Over time, as people get more educated and comfortable, I believe we will recover from this decline."
Saylor also said that regulators will speed their regulation of stablecoins and crypto security tokens in the wake of Terra's collapse, and that Bitcoin will ultimately emerge victorious.
"Once people understand why bitcoin is superior to everything else, institutions will invest large quantities of money, and we won't have to battle through this lengthy explanation of how we're distinct from 19,000 other crypto coins," he said.
Saylor believes that the fact that the majority of cryptocurrencies are not registered securities discourages public corporations and investors from participating in them, hence impeding the asset class as a whole.
According to its first-quarter financial report, the business intelligence and cloud services company possesses around 129,218 Bitcoins. Since March 29, the company's stock has been trading in a severe downturn.
While Saylor believes bitcoin is the future of money, he thinks Lightning is the future of payments. Lightning is a network that enables bitcoin to scale its ability to conduct transactions more effectively.
"If you're going to conduct high-speed payments and transactions, you'll need an ethically, fiscally, and technically strong foundation," he said. "This describes Bitcoin. Then, however, billions and billions of transactions will occur on layer 2 networks such as Lightning."
In the meantime, Bitcoin has a long way to go to achieve its November 10 all-time high of $69,000, and MicroStrategy is now trading more than 80 percent below its February 9, 2021 all-time high of $1,315.