“Bitcoin Can Go Up Forever”: Microstrategy CEO

Updated:

Bitcoin (BTC) is on track to record its first consecutive bearish week as it trades down by over 28% from its previous all-time high. However, BTC bulls remain optimistic over the medium and long-term prospects of the digital asset.

One of the optimistic bulls is Microstrategy CEO Michael Saylor, who recently revealed that his company has held BTC in its balance sheet since last year. Saylor added that he does not see any long-term obstacles for the benchmark cryptocurrency, noting that: “The only legitimate risk is a black swan – an unknown unknown,” in an interview.

The Microstrategy executive argued that:

“Has it been hacked? No, it hasn’t been hacked. Is it going to be banned? No, it’s not going to be banned. Can it be copied? We copied it ten thousand times. Every copy has failed.”

Saylor also asserted that Bitcoin could “go up forever” in an interview with Yahoo Finance Live. The billionaire CEO noted that the two key drivers of his conviction are technology adoption and inflation. He explained that:

“It’s going to be driven by technology, as it gets built into Facebook and Google and Apple, it’s built into Square and PayPal. And so as you build in technical utility, that’s going to drive more adoption.”

Nonetheless, Saylor acknowledged the recent spike in volatility, noting that: “It’s not going to go up uniformly in a perfect, exponential curve, but I don’t think we’ll see a world where technology slows down, and I don’t think we’re going to see a world where currencies don’t keep inflating.”

Key Bitcoin Levels to Watch — December 12

As projected in a previous analysis, BTC has corrected to the $47,000 level following its sharp descent to the $42,000 low. That said, the benchmark cryptocurrency has recorded a healthy rebound to the $50,000 barrier over the past 24 hours, thanks to the support it received from the daily 200 SMA line.

BTCUSD – Daily Chart on Gemini. Source: TradingView

Bitcoin now faces the task of breaking above the critical $51,400 juncture as bullish momentum picks up. Regardless, we could see a descent into a sideways bias over the coming hours as trading volume remains thin.

Meanwhile, my resistance levels are at $50,000, $50,500, and $51,400, and my key support levels are at $48,500, $47,000, and $46,000.

Total Market Capitalization: $2.27 trillion

Bitcoin Market Capitalization: $938.7 trillion

Bitcoin Dominance: 41.2%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.