Michael Saylor, Chairman of MicroStrategy Inc., recently reiterated his bullish view on Bitcoin. He believes the crypto asset has hit the bottom and is now on a bull-run. Saylor is sceptical on other cryptocurrencies amid regulatory uncertainty.
Speaking on CNBC, Saylor said: “I think Bitcoin has hit the bottom. Its leverage is no longer there, and it’s on a bull-run. BTC is the one commodity the SEC won’t regulate. I believe that bitcoin will continue to rise.”
The current total price of bitcoins is approximately $4.17 billion. Saylor believes Bitcoin’s reputation as a safe haven will be boosted by recent bank failures, regulatory uncertainty and recent bankruptcies.
He also suggested that the Lightning Network – a protocol layered over Bitcoin – could be a disruptive payment network.
Anthony Pompliano also said on Friday that Bitcoin was like the world’s biggest insurance company.
Investors are known to take on more risk when the monetary policy eases, which is something the U.S. Federal Reserve signalled earlier this month.
