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Microstrategy CEO Michael Saylor, in an interview with Hedgeye CEO Keith McCullough on October 20, criticised the prevailing data on Bitcoin and the market. Saylor spoke of inflated volumes, though he did see a silver lining in the status quo.
- Held on Tuesday, the interview saw Saylor speak on a range of topics, including the potential value of Bitcoin and the accuracy of market data
- Saylor said the firm’s investment was not speculation and doubled down on its value as a hedge
- Speaking of the wealth of market data, which many pundits and community members leverage to indicate Bitcoin’s value, he believes that most of is “just awful”
- 24 hours trading volumes of Bitcoin is $37 billion on CoinMarketCap and just under $25 billion on CoinGecko; Saylor says that the inaccurate volumes are holding back Bitcoin
- On the bright side, Saylor said that the immaturity of market data indicates that the market is in the early stages and that it is a part of “the pain and the work of being first or being early”
- Microstrategy invested $425 million in Bitcoin in September 2020, an event that was widely seen by the media as heralding more institutional investment
Related Reading:
- Microstrategy CEO says he could liquidate BTC holdings if he wanted
