Michael Saylor: Bitcoin is ‘succeeding… avoid the tendency to F with it’

MicroStrategy CEO Michael Saylor touted himself as a Bitcoin (BTC) “optimist” on the latest episode of Peter McCormack’s YouTube show, “What Bitcoin Did.”

Saylor also, bluntly, cautioned against any actions that could impede the flagship cryptocurrency’s progress.

“Bitcoin is going to succeed,” Saylor said. “It’s succeeding as fast as it could reasonably succeed and we ought to try to avoid the tendency to F with it.”

The 59-year-old billionaire, who reportedly owns more than 17,000 Bitcoin, posited that the cryptocurrency stands at the precipice of widespread acceptance by nation-states, financial institutions, and institutional investors.

He also remains convinced that Bitcoin can solve global economic challenges. It’s sound money due to its capped supply, he says, contrasting it with conventional currencies susceptible to government-driven inflation.

Whether another digital asset can surpass it is highly unlikely, according to Saylor.

“Bitcoin has gotten too mature… has become too powerful to be threatened by another crypto,” Saylor says. “I think this is going to be a case of a rising tide is going to lift all boats.”

See the video below:

Bitcoin: ‘Forever money’

Saylor also contends that Bitcoin’s decentralized, censorship-resistant, and immutable attributes position it to thrive as so-called “forever money.” In his view, Bitcoin is a robust tool for fostering financial freedom and sovereignty.

Furthermore, Saylor addressed the importance of sustaining Bitcoin’s development for its long-term viability and resilience. He emphasized the necessity of adequate funding mechanisms to support ongoing innovation, security enhancements, and scalability solutions within the Bitcoin network. 

Saylor stressed the collaborative efforts required to fund development initiatives, ensuring Bitcoin’s continuous evolution as a robust and sustainable financial system.

The conversation also touched on the political landscape surrounding digital asset regulation. Saylor noted the challenges faced by governments and regulatory bodies worldwide in grappling with Bitcoin’s decentralized nature. This has sparked debates over regulatory frameworks, compliance measures, and the delicate balance between innovation and control.

Saylor further explored the concept of the “sly roundabout revolution” driven by Bitcoin. He elucidated how Bitcoin’s disruptive influence on traditional financial systems is disrupting existing monetary paradigms, offering an alternative financial infrastructure that transcends borders and grants individuals financial autonomy.

Bitcoin’s bull run: Analysts caution investors

Bitcoin’s recent price surge has been notable. Its value has climbed by almost 13% in the past week and a half, reclaiming the $70,000 per BTC mark. This surge has brought Bitcoin closer to its all-time high of $74,000, leading market analysts and traders to reconsider their strategies.

Despite the bullish sentiment, John Bollinger, a renowned trader and creator of the widely used Bollinger Bands, has expressed caution regarding Bitcoin’s immediate future. 

Bollinger highlighted a concerning pattern on Bitcoin’s price chart, suggesting a potential pullback or consolidation phase. Specifically, he pointed out the appearance of a two-bar reversal at the upper Bollinger Band, a signal often associated with a temporary market correction.

While Bollinger’s analysis raises short-term concerns, he remains optimistic about Bitcoin’s long-term outlook. His cautious stance is based on technical indicators rather than a fundamental bearish outlook. Bollinger’s perspective mirrors the current market sentiment, where optimism about Bitcoin’s future growth is balanced by awareness of potential short-term volatility.