BlocksInform
Microstrategy founder michael saylor says crypto scandals and 2022 bankruptcies will benefit bitcoin () over the long term.
In a new fourth quarter MicroStrategy earnings call, the Bitcoin bull predicts a more rational approach to projects and enterprises in the crypto space in the aftermath of the many failures last year, including the FTX implosion.
According to him, many of the symbolic projects that collapsed during challenging microeconomic conditions in 2022 were doomed in the first place because of weak use cases.
It also says the strength of Bitcoin as a decentralised digital product has been pointed out by the failures of other projects that do not share these same qualities.
'considering the micro-economic situation of the last 12 months, most crypto companies and crypto assets and instances of crypto usage have faded within this time frame. Of course, we know the stories of blockfi and celsius and ftx bankruptcies, and genesis and traveling and alameda. And we are also aware that all crypto tokens have merged, the moon chip, the ground chip, the FTT voucher, etc. as far as we are concerned, These are all very low utilization cases, It's a very fragile structure. And it was only a matter of time until they melted.
The merger of which created negative short-term headwinds for Bitcoin, because Bitcoin is counter-guaranteed along with all these other cryptos. But in the long run, streamlining the crypto marketplace will benefit Bitcoin. He has trained an entire generation of investors on the advantages of Bitcoin as a decentralized digital product and the advantages of having no counterparty risk."
Bitcoin is valued at $23,451 at the time of entry.
