On Friday MicroStrategy’s Michael Saylor appeared on CNBC to discuss Bitcoin’s volatility amidst tumultuous times when a slew of market fears right from China banning Bitcoin to the energy consumption debate of the Bitcoin network.
According to the CEO, volatility is part of the game for the asset that has been outperforming the S&P index in the past decade.
"#Bitcoin is coming to life… the volatility is the price you pay for it to be 10x outperforming the S&P index over a decade," @michael_saylor says. #crypto https://t.co/ZdT1mvf0MS pic.twitter.com/i8PtBeV2T7
— CNBC (@CNBC) May 21, 2021
While MicroStrategy’s share price is largely tied to Bitcoin’s price due to the billions worth on its balance sheet, the company has been producing outstanding results in the first quarter of the year. The business intelligence firm has been showing double digit growth numbers and is expanding its cloud offering.
When asked if all this focused attention to Bitcoin frustrates Saylor, he said he always looks at the big picture:
“We are up by a factor of 4x over twelve months. Our shareholders are delighted, our employees are delighted. Sometimes Bitcoin fixes everything.”
He further added:
The corporate brand has probably amped up by a factor of a thousand or more”
Just last week MicroStrategy announced to have added another load of 271 Bitcoin to its balance sheets.
Bitcoin as the ‘digital gold’
Also commenting on recent affairs was former US Treasury Secretary and the former Chief Economist of the World Bank, Laurence Summers.
Summers appeared on Bloomberg and said that cryptocurrencies are here to stay with Bitcoin becoming “fundamental to commerce on the Internet.” Just like Gold, Bitcoin could become a choice to hedge against inflation as the ‘digital gold’.
Lawrence Summers, previous Chief Economist of the World Bank, former Treasury Secretary, and former director of the National Economic Council,
"#Bitcoin may become fundamental to commerce on the Internet" pic.twitter.com/Ens5bcsDmq
— Documenting Bitcoin (@DocumentingBTC) May 22, 2021
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