Micheal Saylor On The FTX Collapse Which He Says Will Be Beneficial To Bitcoin In Long Run During The MicroStrategy 4th Quarter Earnings Report
Micheal Saylor is in the opinion that the crypto scandal which we all experienced in the crypto space last year are healthy to bitcoin and other alternative currencies.
The bitcoin supporter has been so bullish as regards bitcoin that every move he makes revolves around bitcoin in the public eyes, in Microstrategy 4th quarter earnings call which was officiated by him he says that;
If you look at the microeconomic situation in the past 12 months, most of the crypto enterprises and the crypto assets and the crypto use cases have melted down in that time period. Of course, we know the stories of the bankruptcies of BlockFi and Celsius and FTX, and Genesis and Voyager and Alameda. And we also know about the meltdowns of all the crypto tokens, the LUNA token, the Terra token, the FTT token, etc. In our opinion, these were all very weak use cases, and they are very fragile structures. And it was a matter of time before they do melt down.
The meltdown of that has created short-term negative headwinds for Bitcoin, because Bitcoin is cross-collateralized with all these other cryptos. But long term, the rationalization of the crypto market will be beneficial for Bitcoin. It has educated an entire generation of investors on the benefits of Bitcoin as a decentralized digital commodity and the benefits of not having counterparty risk.
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