Immature Bitcoin Market Data Is ‘Garbage' But It's Sign of ‘Being Early' – MicroStrategy CEO Michael Saylor

It’s all about figuring out the thing that is gonna eat the world then “own it, hold it and wait.”

Since first announcing bitcoin purchase in August and again in September, MicroStrategy CEO Michael Saylor had become a very vocal bitcoin supporter, a big change from seven years back when he thought its days were numbered.

Now, it is the ultimate hedge, according to him.

He constantly tweets about Bitcoin and how “it is an ark of encrypted energy to escape the currency flood.”

Recently, he talked about “The Long-Term Bull Case” for Bitcoin in an interview with Keith McCullough to convince Hedgeye CEO to “change his opinion of Bitcoin and join the cyber hornets.”

McCullough actually sold all his BTC earlier this month, just a couple of weeks before Bitcoin rallied 23% following Square's $50 million investment, UK’s public listed Mode converting 10% of its cash reserves into BTC, and PayPal announcing buy, sell, hold, and shopping support for it.

“Bitcoin is an asset, not a commodity. Commodities are abundant and should be traded. Assets are scarce and should be owned. Pure monetary energy is the ideal treasury reserve asset, and for the first time in history, we can now own some,” is Saylor’s message to McCullough.

The “Garbage” Market Data

On Tuesday, he argued his Bitcoin investment by comparing it with Google and Apple investments.

“The thing with technology, Figure out the thing that is gonna eat the world, if you are right, own it, hold it and wait,” said Saylor.

In the current environment, bitcoin is the choice when the monetary expansion is expected to double, he said. Adding that the Federal Reserve has crowded everybody out of Treasury and debt with yield being effectively zero, which has been “stampeding investors into a store of value.”

As a matter of fact, Apple has been more volatile than bitcoin in the past three months, said Saylor. This has been because while monetary stimulus has been debasing fiat currencies, it has been pushing the stock market to new highs.

He particularly talked about the market data during the interview, which he argued is just “garbage.” The trading volume figures of the bitcoin market, according to him, are widely inflated as he challenged Bitcoin’s $25 billion volume to Apple stocks’ $24.76 billion.

“I know for a fact you can’t buy more than $35 million a day without people knowing, so there’s no freaking way there’s $24 billion trading,” Saylor said.

It isn’t even surprising, but a known fact as a 2019 report to the US SEC concluded that 95% of reported volume on crypto exchanges is actually fake.

According to Saylor, false market data is holding the leading digital currency back as it could erode trust in Bitcoin as an asset.

But on a positive note, Saylor said he “love[s] the fact that the data is a little immature” as it represents “the pain and the work of being first or being early.” But of course, the market “needs” high-quality data.

Bitcoin (BTC) Live Price

1 BTC/USD =16,809.7110 change ~ -12.23

Coin Market Cap

311.9 Billion

24 Hour Volume

56.41 Billion

24 Hour Change

-12.23

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today