PANews reported on September 20th that Strategy Executive Chairman Michael Saylor stated on the Coin Stories podcast on YouTube that lower Bitcoin volatility benefits "large institutions" but will disappoint those who rely on price fluctuations for excitement. "You want volatility to decrease so that large institutional investors can enter the market with confidence and make large investments. The problem is that if volatility decreases and large institutional investors enter, the market will become boring for a period of time. And because the market becomes boring for a period of time, people's adrenaline rush will also decrease, and they will become a little bearish." Michael Saylor stated that this is Bitcoin's "growth phase" and a natural part of its life cycle, and that the "gradual subsidence" of volatility is a good sign.