Microstrategy chief: ‘Bitcoin is going to go into the millions’

Microstrategy chief: ‘Bitcoin is going to go into the millions’

Despite bitcoin’s violent sell off, Microstrategy CEO Michael Saylor is holding firm. The bitcoin bull said he’s in it for the long term and his strategy is to buy and hold the cryptocurrency.

“There's no price target,” Saylor told Yahoo Finance Live. “I expect we'll be buying bitcoin at the local top forever. And I expect bitcoin is going to go into the millions. So we're very patient. We think it's the future of money.”

Saylor said bitcoin has sold off with other risk assets like stocks as the Federal Reserve has moved to raise interest rates, and investors have sold off riskier assets or assets with valuations that had soared. That, Saylor said, is separate from the meltdown of stablecoin TerraUSD and its sister token Luna, which he thinks will accelerate efforts to regulate stablecoins and security tokens.