BTC price cools off, but ‘You can never have too much Bitcoin,’ says Saylor
Despite Bitcoin's price cooling off after achieving a notable 30% monthly gain, MicroStrategy CEO Michael Saylor remains bullish on BTC and has presented his case for its continued strength.
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Despite Bitcoin experiencing a brief correction after nearing the $36,000 mark, a number of analysts remain optimistic about its prospects, and some anticipate a potential "gamma squeeze" if BTC can surpass the $36,300 level. MicroStrategy CEO Michael Saylor, a well-known Bitcoin advocate, remains confident in the cryptocurrency.
Saylor highlighted the upcoming Bitcoin halving during an interview and explained that the majority of natural sellers in the market are Bitcoin miners who sell to cover operational costs. The protocol is set to reduce this selling pressure in half as of the next halving in late April, from about $1 billion per month to $500 million per month. Simultaneously, the introduction of spot Bitcoin ETFs is expected to increase the demand for Bitcoin. Saylor expressed bullishness for the next 12 months, given the combination of increasing demand and reduced supply, which is a unique situation in the history of Wall Street.
Saylor also addressed concerns about the impact of past negative events in the cryptocurrency industry, mentioning the need for more responsible custodians and regulation to help the industry move forward.
He emphasized that, for investors with a 12-month to 48-month time horizon, the current price level represents an attractive entry point for Bitcoin. Saylor suggested that as the industry matures and institutions become more involved, Bitcoin has the potential to see substantial growth, possibly reaching ten times its current value.
