Michael Saylor on Bitcoin Volatility, Terra/Luna Meltdown, Market Selloff and more

Let's go back to October of 2020 ... I think Bitcoin was 12,800, or maybe 11,800; and NASDAQ was, like, 11,000 and change; and gold was higher than it is now. And if you roll the clock forward 24 months, Bitcoin is up by not quite a factor of 3 but about a factor of 2.75. Gold is down. NASDAQ is sideways.

Bitcoin's continuing to decentralize. Every single day that goes by it gets more decentralized. I think that once people understand that it's the lowest risk, most robust, most secure digital property—if not the only digital property, then I think you see an explosion of corporate adoption and institutional adoption and technology adoption.

Bitcoin's winning. Bitcoin's outperforming everybody else over a 24-month time frame and a 48-month time frame. So, everyone's got anxiety, and the real question is... what's the safe haven right now? What is the safe haven? Tell me one piece of land or company or commodity or bond or currency in all of South America that you want to own other than a bitcoin? What's better than a bitcoin? Same in Africa, same in Asia.

I think this... crypto crash... I think this mini-meltdown is going to give a lot of energy, a lot of momentum, to the movement to publish clear guidelines for digital currencies and digital securities and digital exchanges. And I really think that Bitcoin benefits from all those .

Bitcoin is just going to improve things. It's a better technology. And so, therefore, everything it touches will be made better but not be made flawless.

I think the crypto community is having a reckoning. I think they're realizing there's a difference between crypto and Bitcoin. The reason that Bitcoin doesn't need to have an army of lawyers and issue 10,000 pages of disclosures is because there's no small group of people doing anything that could do anything.

I think the currency will continue to expand. The supply of currency will continue to expand regardless of the Fed policy. There's no policy to decrease the money supply. It's just a question of at what rate do we grow the money supply? It will keep expanding.

The inflation is not only a monetary phenomenon. The inflation is not being driven only because of currency collapse. Inflation is a policy phenomenon.

If anything does get approved, my belief is the Grayscale, the GBTC trust, will get approval to become a spot ETF first. I can't really know the future, but I think it's more than 50% likely based upon all the facts that I see right now.

Everybody underestimated, say, the LUNA risk, and they under-appreciated the Bitcoin benefit. And you could describe it theoretically, but until you see something blow up, then you really can't get it through to people.

If you look at all the fundamentals, they're better than ever. I mean all the planets are aligning .... I think political consensus is pretty solidly aligned behind Bitcoin; I think we're in good shape there. I think the network's never been stronger if you look at the hash rate.

At the end of the day, Bitcoin is the most secure, least risky, most understandable, most indestructible thing in the universe right now ... There's nothing less risky.

All of these cryptos other than Bitcoin are securities.