Michael Saylor answers Bitcoin questions from BloombergHT! He said stay away from these altcoins!
480 recently for $10 million Bitcoin declares that he has received Michael Sailer Bloomberg answered HT’s questions.
Ali Çınar, representative of Bloomberg HT and Habertürk USA‘s guest, Saylor, said that their commitment to bitcoin continues and their plans are long-term.
Will Bitcoin Survive?
Ali Cinars”cryptocurrency Units in severe global crises Covid 19, Russian-Ukrainian occupation, energy crisis 8.6% US inflation, etc. Do you think cryptocurrencies can survive this process? In response to the question, Saylor said:
“Bitcoin dominant crypto asset in the market. There are about 20,000 other cryptocurrencies. Bitcoin will survive, but most other cryptocurrencies will not. There will be a 99% error rate. Bitcoin is mature and decentralized money.”
Can confidence in Bitcoin be restored?
Another question from Ali Çınar was as follows:
At a time when the macroeconomic outlook was deteriorating, we also witnessed the internal market crisis that began with Terra Luna on the cryptocurrency side, and this collapse deepened with Celsius and 3AC. The crypto market, which had a market value of $3 trillion in November 2021, fell to around $900 billion.
I would like to ask, can cryptocurrency markets rebuild this eroded confidence or what steps should be taken to restore confidence?
Saylor gave the following answer to this question:
“The challenge here is that most of the market does not understand the difference between bitcoin and cryptocurrency. Bitcoin is considered a decentralized digital commodity, but most other things are trying to become stablecoins or are considered digital securities. So there is instability, which of course is due to too much leverage.
It will be a better environment when cryptocurrency exchanges are regulated. It needs to be regulated and there is excessive leverage. The regulations will also reduce these a little further. The investor education process can also be provided by regulators.”
Is the Nasdaq Correlation Against the Spirit of Bitcoin?
Saylor “Isn’t it against the nature of cryptocurrencies for bitcoin to correlate with exchanges like Nasdaq?” He answered the question as follows.
“Bitcoin has outperformed stocks in 2, 4 and 8 years. It would be wrong to evaluate a price development in 2 or less years in order to avoid inflation here. If you buy a product to protect against inflation, you have to keep it for at least 2 or 4 years.”
“Stay away from altcoins”
Answering Ali Çınar’s question about altcoins, Saylor gave a message to stay away from altcoins.
“They said regulators should take action on altcoin projects. Are you talking about all altcoins or what steps can regulators take?
Saylor: Here’s the difference between a commodity and a security. There are no issuers in the commodity. No company has any influence on this. We can say that this is the case for silver, gold and bitcoin. Bitcoin is unique at this point. What does that mean, there are 20,000 other cryptos and they are all securities. These need to be regulated and these cryptocurrency producers need to explain everything. The SEC needs to get this under control. In the absence of regulation, crypto exchanges are opening up these altcoins for processing. It’s very complicated because there are thousands of coins and it’s really hard to do. In summary, I think you are taking a big risk when you buy other altcoins. Just buy bitcoin in my opinion and wait for it.”
We can list the highlights of the interview with Saylor and Ali Çınar as follows:
“There is no investment strategy that can protect against inflation in the short term. In the long term, Bitcoin will outperform other products.
There is a certain waiting situation in the market. The market awaits further clarification and clarification from the SEC. However, the SEC is not doing enough in this regard.
Our strategy is to buy and hold bitcoin. I’m talking about a period of 10 years.
We are not traders, we do not want to buy cheap and sell high. We don’t look at Bitcoin that way.
The Turkish lira has recently lost a lot of value. On the macro side, the world is looking to turn to commodity-indexed currencies. This is bitcoin. It can be more volatile in the short term. But if you have a 10 year plan, it works 5–10 times better than others.
Bitcoin will survive, most other cryptocurrencies will not survive, 99% will fail.”