Michael Saylor Explains Why The Crypto Market Is Falling

In a recent interview, Michael Saylor, Co-Founder, President, and CEO of Nasdaq-listed MicroStrategy Inc. (NASDAQ: MSTR), explained why the crypto market has fallen. On August 11, 2020, MicroStrategy announced in a press release that it had "purchased 21,454 bitcoins at a total purchase price of $250 million" for use as a "primary treasury reserve asset." Michael Saylor said at the time: “Our decision to invest in Bitcoin at this time was in part driven by a combination of macro factors influencing the economic and business environment that we believe pose long-term risks to our corporate treasury program.” Since then, MicroStrategy has continued to accumulate Bitcoin, and its CEO has become one of Bitcoin's most prominent proponents. MicroStrategy currently holds 124,391 bitcoins worth approximately $4.85 billion at current market prices. Saylor said in an interview with Emily Chang; “I think there is a lot of dynamic here. If you look at the entire crypto ecosystem, you'll see a number of regulatory uncertainties, particularly stablecoins and crypto tokens, and whether they are securities or not, which raises some concern. There are numerous crypto exchanges that can trade with up to 20x leverage. And there are a lot of cross-collateralized tokens on these crypto exchanges.” Saylor believes current market conditions provide “a great entry point for crypto-savvy institutional investors who have hitherto stood on the sidelines”: “The current state of the market can be a great entry point for institutional investors. I've been talking to high-net-worth individuals, public company executives, private company owners, and they've all watched Bitcoin rise in 2021. They see Bitcoin being adopted by people like Bill Miller, by very reputable investors. It is adopted by regulators, owned by senators and congressmen, public investors and public companies. They look at it as a good entry point.”