PiCK

Michael Saylor acknowledges a 'crypto winter'… "Strategy is like a fortress"

JOON HYOUNG LEE

Summary

Michael Saylor said the cryptocurrency market has entered a crypto winter, but it will be far milder and shorter than in past years.
He said the macro backdrop is far stronger than four years ago, with institutions such as banks and a president and administration that support Bitcoin.
Strategy said it bought about 715,000 bitcoins at an average of $76,000, and that its balance sheet is like a fortress, meaning a price decline would not have a major impact.

*Michael Saylor, Chairman of Strategy, speaks during an interview with Fox Business on the 17th (local time). Photo=Fox Business capture*

Michael Saylor, Chairman of Strategy, has recently said the cryptocurrency market has "entered a 'crypto winter (a cryptocurrency downturn)."

In an interview with Fox Business on the 17th (local time), Saylor said, "The market is in a crypto winter right now," adding, "But this winter will be much milder than in past years." He also said the "crypto winter period will be shorter than in past years," adding, "After that, spring will come, and I believe a great summer will follow."

Saylor emphasized macro-level shifts surrounding cryptocurrencies. "Institutions such as banks are backing Bitcoin far more strongly than they did four years ago," he said, adding, "There is also a president who supports Bitcoin, and it is receiving support from the administration." The remarks are seen as referring to U.S. President Donald Trump's pro-crypto policies.

He also addressed the sustainability of Strategy's Digital Asset Treasury (DAT) model. Strategy has accumulated about 715,000 bitcoins to date, with an average purchase price of about $76,000 per coin. Saylor said, "Strategy's balance sheet is like a fortress," adding, "No matter how much the Bitcoin price falls, it won't have a major impact on Strategy."

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