Michael Saylor, MicroStrategy CEO, said that the demand for Bitcoin (BTC) investment products is about ten times larger than the supply available in the crypto market.
In an interview with CNBC, Saylor expressed optimism for the crypto market. He believes that the SEC’s approval of Bitcoin ETFs spurred a notable increase in quotes because of investors’ high interest in the new investment product. He highlighted the anticipation among investors, who have been waiting for over a decade to access ETFs, and the recent availability is driving a surge in Bitcoin’s price.
Saylor emphasized Bitcoin’s unique characteristics, describing it as a novel, digital, global asset that remains uncorrelated to traditional risk assets. These features, according to him, make Bitcoin an ideal choice for responsible investors.
Saylor also explained that MicroStrategy will rebrand its structure and transform into a firm developing solutions built on Bitcoin and blockchain technology. This strategic move aims to reinforce the company’s commitment to accumulating digital reserves and advocating for the advancement of Bitcoin
Saylor noted that this new business model provides additional versatility than an investment trust. More specifically, the CEO outlines that a firm can develop software, generate cash flow, and simultaneously accumulate reserves in Bitcoin.
MicroStrategy’s Bitcoin holdings have seen substantial growth, with recent purchases totalling over 850 BTC at approximately $37.2 million. The company’s Bitcoin reserves now stand at 190,000 BTC, valued at $8.7 billion based on current exchange rates, following additional acquisitions. Notably, MicroStrategy began buying Bitcoin in August 2020 after Saylor decided to embrace digital assets.
In a related development, Bitcoin crossed the $50,000 mark, marking its highest price since May 2022. This remarkable price surge has further affected the broader crypto market, as several notable cryptocurrencies and memecoins have experienced notable gains.
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