This Is Why Michael Saylor Says The FTX Collapse And Other Crypto Scandals Will Benefit Bitcoin

Last week, MicroStrategy Inc MSTR Announced fourth quarter results. Co-Founder and President Michael Saylor Discussed projects and ventures in the crypto space during its earnings call.

saylor Said Several crypto projects broke down last year after widespread economic challenges and crypto scandals, including ftx ftt/usd explosion.

“If you look at the microeconomic situation over the past 12 months, most crypto enterprises, crypto assets, and crypto use cases have melted away over that period. Of course, we know the stories of bankruptcies. blockfi And Celsius And FTX, and Genesis and Voyager and Alameda,” Saylor said.

“We also all know about the meltdown of crypto tokens, the Earth Luna/USD Token, FTT Token, etc. We believe that these were all very weak use cases and fragile structures. And it’s only a matter of time before they melt,” he said.

According to Saylor, of bitcoin BTC/USD Its strength as a decentralized digital commodity was underscored by the failures of other projects that did not share the same qualities.

Read also: If Charlie Munger spent 100 hours ‘studying the problems’ outside the US, he would be more bullish on bitcoin than Michael Saylor

“The recession has created short-term negative headwinds for bitcoin because bitcoin is cross-collateralized with all these other cryptos. But in the long term, the rationalization of the crypto market will be beneficial for bitcoin. It has educated a whole generation of investors. on the benefits of bitcoin as a decentralized digital commodity and the benefits of having no counterparty risk,” he said.

Saylor is known to be one of the most prominent corporate supporters of bitcoin along with MicroStrategy Holding around 132,500 BTC By December 2022. Also, he is personally called Swami. over 17,000 BTC,

At the time of writing, bitcoin is trading at $23,187, down 1.25% over the past 24-hours.


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