KEY POINTS

  • Bitcoin fell significantly after Terra's crackdown
  • Microstrategy's CEO believes BTC will come out as a winner
  • Michael Saylor remains bullish on BTC

Despite the violent sell-off of Bitcoin, Microstrategy CEO Michael Saylor remains bullish about the world's topmost cryptocurrency for the long term and his strategy is to buy and hold.

“There's no price target,” Saylor told Yahoo Finance Live on Thursday. “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.”

The Bitcoin bull said that he has sold off 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, he said, is separate from the meltdown of stablecoin TerraUSD and its sister token Luna, which he believes will accelerate efforts to regulate stablecoins and security tokens.

Saylor thinks that the Terra situation will lead Bitcoin to ultimately win as regulators are going to accelerate their regulations of stablecoins and crypto security tokens. 

Bitcoin was trading at $30,012, as of 2.29 a.m. ET, CoinMarketCap data showed. The global market cap was up 3.2% at $1.28trillion. 

Saylor also said that since most cryptocurrencies aren’t registered securities, it is preventing public companies and investors from investing in them and holding back the asset class as a whole.

While Saylor believes Bitcoin is the future of money, he thinks Lightning — a network applied to BTC that enables the cryptocurrency to scale up its ability to do transactions more efficiently — is the future of payments.

Earlier, in February, Saylor said he sees long-term potential in the coin. "People buy Bitcoin because they want to buy an asset they understand that might have value in 100 years."  

Illustration of representations of virtual currency Bitcoin on a computer motherboard Representations of virtual currency Bitcoin are placed on a computer motherboard in this illustration taken January 21, 2021. Photo: Reuters / Dado Ruvic