Saylor On Luna/UST crisis: I think we’ll recover from this drawdown.”

Michael Saylor, CEO of MicroStrategy (NASDAQ: MSTR), who is permanently bullish on bitcoin, reiterated his positive outlook for the leading crypto in an interview on Thursday. Note that MicroStrategy currently holds a trove of 129,218 bitcoins, approximately worth $3.73 billion at current prices.

Commenting on the downtrend in crypto prices, and whether his company would bail its position, he said: “No, we are in it for the long term. Our strategy is to buy bitcoin and hold the bitcoin, so there’s no price target. I expect we’ll be buying bitcoin at the local top forever.”

“I expect bitcoin is going to go into the millions. So, we’re very patient. We think it’s the future of money,” he added. (Bitcoin.com)

On the industry fallout from the implosion at the Luna/UST stablecoin, Saylor observed:

“I think this meltdown of LUNA, UST, that’s going to accelerate the regulations of stablecoins and security tokens, which will be a good thing for the industry. Over time, I think as people get educated and as they get more comfortable, I think we’ll recover from this drawdown.”

However, Saylor was careful to segregate the impact of the stablecoin collapse from the sell-off precipitated in risk assets due to the moves by the Fed to hike rates and normalize its balance sheet. He clarified that bitcoin had sold off in tandem with other assets such as stocks.

Nevertheless, a regulatory supervision would be good for bitcoin in the long term, Saylor commented.

“Once people figure out why bitcoin is superior to everything else, then the institutions are going to come in with large sums of money, and we’re not going to have to struggle through this massive explanation of why we’re different than 19,000 other crypto tokens,” he said.

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