The Crypto Market Is F*cked & Elon Musk Is Sending Nudes To Mars | Divij’s Den | Ep. 46 Despite bitcoin’s violent sell off, Microstrategy CEO Michael Saylor is holding firm. The bitcoin bull said he’s in it for the long term and his strategy is to buy and hold the cryptocurrency.
“There's no price target,” Saylor told Yahoo Finance Live. “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.”
Saylor said bitcoin has sold off with other risk assets like stocks as the Federal Reserve has moved to raise interest rates, and investors have sold off riskier assets or assets with valuations that had soared. That, Saylor said, is separate from the meltdown of stablecoin TerraUSD and its sister token Luna, which he thinks will accelerate efforts to regulate stablecoins and security tokens. Saylor also thinks that since most cryptocurrencies aren’t registered securities, that’s preventing public companies and investors from investing in them and holding back the asset class as a whole.
Saylor on the future of payments
While Saylor believes bitcoin is the future of money, he thinks Lightning—a network applied to bitcoin that enables the cryptocurrency to scale up its ability to do transactions more efficiently— is the future of payments.
“If you're going to do payments and transactions high speed, you're going to need a base layer that's ethically sound, economically sound, and technically sound,” he said. “That's what Bitcoin is. But then billions and billions of transactions are going to go on a layer 2 like Lightning.”Bitcoin is on a wild ride.
The world’s largest cryptocurrency soared to $68,990 last November. Now, it’s at around $29,000 — a staggering 58% pullback from the peak.
If the downtrend continues, Rich Dad Poor Dad author Robert Kiyosaki says he’s ready to start buying.
“BITCOIN CRASHING. Great news,” he tweeted last week. “I am waiting for Bitcoin to crash to 20k. Will then wait for test of bottom which might be $17k. Once I know bottom is in I back up the truck. Crashes are the best times to get rich.”Kiyosaki added that bitcoin “is the future of money” and that its bottom may be even lower at $11,000.
In today’s market environment, it’s not easy to be a contrarian investor. But if you share Kiyosaki’s view, here are three simple ways to capitalize on bitcoin's potential rebound.
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Buy bitcoin directly
The first option is the most straightforward: If you want to buy bitcoin, just buy bitcoin.
These days, many platforms allow individual investors to buy and sell crypto. Just be aware that some exchanges charge up to 4% in commission fees for each transaction. So look for apps that charge low or even no commissions. While bitcoin commands a five-figure price tag today, there’s no need to buy a whole coin. Most exchanges allow you to start with as much money as you are willing to spend.
Bitcoin ETFs
Exchange-traded funds have risen in popularity in recent years. They trade on stock exchanges, so it’s very convenient to buy and sell them. And now, investors can use them to get a piece of the bitcoin action, too.
For instance, ProShares Bitcoin Strategy ETF (BITO) started trading on NYSE Arca in October 2021, marking the first U.S. bitcoin-linked ETF on the market. The fund holds bitcoin futures contracts that trade on the Chicago Mercantile Exchange and has an expense ratio of 0.95%. There’s also the Valkyrie Bitcoin Strategy ETF (BTF), which made its debut a few days after BITO. This Nasdaq-listed ETF invests in bitcoin futures contracts, and charges an expense ratio of 0.95%.
Bitcoin stocks
When companies tie some of their growth to the crypto market, their shares can often move in tandem with the coins.
First, we have bitcoin mine