Michael Saylor Explains the Latest Crypto Crash to Bloomberg
MicroStrategy CEO Michael Saylor told Bloomberg in a new interview on the Bloomberg Studio 1.0 YouTube Channel that there are currently two factors in play adding new volatility to the markets and thereby responsible for the recent crash. The Bitcoin bull said:
“I think that there’s a lot of dynamics here. If you look at the entire crypto ecosystem, you have a set of regulatory uncertainty, especially regulatory uncertainty around stablecoins and crypto tokens and whether or not they’re securities. And that creates a little bit of anxiety.
You have a lot of leverage offshore. You have a lot of crypto exchanges that can trade with up to 20x leverage. And those crypto exchanges have many, many tokens that are cross-collateralized. Between them and the decentralized finance exchanges, you can get much higher than 20x leverage. So that’s the second source of volatility.”
Saylor furthermore say that Bitcoin is currently providing a “great entry point” for large corporations and refers to legendary investor Bill Miller who holds half his worth in the top cryptocurrency.
“I feel like it’s consolidating at this level. This is a great entry point for institutional investors. I talk to high net-worth individuals, family offices, public company executives, private company owners and they watched Bitcoin run up in 2021. And there are a lot of people that would be afraid to own it if it was going up 400% a year.
But if they’re staring at it and it’s 40% off the all-time high and it’s consolidating. And they see that it’s being embraced by people like Bill Miller, by very well-respected investors. It’s being embraced by the regulators and it’s being embraced by senators and congressmen and public investors and public companies. They are looking at this as like a good entry point.”
At the time of writing, Bitcoin is moving at $35,262 for a loss of almost 18% in just 24 hours according to CoinMarketCap data.
The post Michael Saylor Explains the Latest Crypto Crash to Bloomberg appeared first on iGaming.org.
Source: igaming
