Last week, microstrategy inc MSTR announced its fourth quarter result. Co-founder and President michael saylor discussed projects and companies in the crypto space during your earnings call.
saylor saying many crypto projects fell apart in the wake of macroeconomic challenges and crypto scandals of the past year, including the FTX FTT/USD implosion
โIf you look at the microeconomic situation in the last 12 months, most crypto companies, crypto assets, and crypto use cases have collapsed in that period. Of course, we know the stories of bankruptcies from FiBlock and Celsius and FTX, and Genesis and Voyager and Alameda," Saylor said.
โWe also know about the crashes of all crypto tokens, the Land MOON/USD token, the FTT token, etc. We think these were all very weak use cases and brittle structures. And it was a matter of time before they melted down," he added.
According to Saylor, Bitcoin USD/BTC The strength as a decentralized digital product was underscored by the failures of other projects that did not share those same qualities.
โThe crash has created short-term negative headwinds for Bitcoin because Bitcoin is cross-collateralized with all of these other cryptocurrencies. But in the long term, streamlining the cryptocurrency market will be beneficial to Bitcoin. It has educated an entire generation of investors about the benefits of Bitcoin as a decentralized digital product and the benefits of having no counterparty risk," he said.
Saylor is known as one of the most prominent corporate backers of Bitcoin, with MicroStrategy holding around 132,500 BTC as of December 2022. Furthermore, he is said to personally own more than 17,000 BTC.
At the time of writing, Bitcoin was trading at $23,187, down 1.25% over the past 24 hours.
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