Bitcoin and cryptocurrency prices have swung wildly through May as panic sweeps the market in the aftermath of a major stablecoin’s collapse—with worrying doubts emerging over similar cryptocurrencies.
The bitcoin price has this month dropped to lows not seen since late 2020, sparking fears over the broader crypto market.
Now, the chief executive of Microstrategy, Michael Saylor, has predicted the bitcoin price will eventually go “into the millions”—calling regulation that’s now expected as a result of the recent stablecoin terraUSD (UST) wipe out “good for the industry.”
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The bitcoin price has crashed by around 50% over the last few months, falling to lows of under … [+]
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“There’s no price target,” Saylor, who began buying bitcoin in the summer of 2020 when it was trading at around $10,000, told Yahoo Finance. “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.”
Microstrategy, a business intelligence software company that has pivoted to become a bitcoin acquistion vehicle, has bought almost 130,000 over the last two years at an average price of just over $30,000. The bitcoin price soared to almost $70,000 late last year.
However, the bitcoin price and wider crypto market has been hard…
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