Michael Saylor, MicroStrategy’s co-founder and executive chairman, said in a recent interview that the demand for Bitcoin coming from the recently listed spot Bitcoin exchange-traded funds (ETFs) is tenfold the supply available from natural sellers, who are miners.
Saylor believes the ETFs are supporting the surge in the Bitcoin price since there is an imbalance in the crypto’s supply.
In an interview with CNBC, Saylor noted that there was a decade of accumulated demand for Bitcoin ETFs, which is now being satisfied as mainstream investors gain access to BTC. According to him, this accessibility is the reason behind the increased capital inflow to the ETFs.
Saylor emphasized Bitcoin’s appeal, noting its lack of correlation with traditional risk assets and independence from the influences of any specific country, company, economic cycle, or external factors such as weather or geopolitical events.
The MicroStrategy co-founder also mentioned rebranding plans that will see the company shift to a Bitcoin development company. This move mirrors its goal of getting more BTC and supporting the expansion of the Bitcoin network.
He explained that this aligns naturally with the company’s direction, citing the success of its Bitcoin-centric strategy and MicroStrategy’s position as the world’s largest public corporate investor in the asset.
Saylor argued that MicroStrategy’s operational model affords it more versatility than a traditional investment trust, which allows the company to engage in software development, generate cash flow, utilize the capital markets, and accumulate BTC for its shareholders, all while contributing to the growth of the Bitcoin network.
Meanwhile, MicroStrategy has increased its crypto holdings this year to reach 190,000 Bitcoins, purchasing 31,775 more coins since the end of Q3 2023. The acquisition was the largest quarterly Bitcoin holding addition over the three years and the 13th consecutive quarter of increasing their holdings.
Saylor’s interview comes amid a breakthrough in the Bitcoin price where it surpassed the $50,000 mark on Monday for the first time in over two years. The token is trading at double its price a year ago and has seen a 15% rise since the start of the year.
Similar to Saylor’s view, James Butterfill, head of research at crypto investment group CoinShares, commented that after a disappointing period following the spot Bitcoin ETFs launch, there are now continued inflows into the funds. Subsequently, there is more organic demand for Bitcoin.
According to CoinGecko data, Bitcoin is trading at around $50,000, up 3.8% over the last 24 hours and 17.3% over the last week at the time of writing.
The post MicroStrategy’s Michael Saylor Says Bitcoin Products Demand Exceeds Supply by 10x appeared first on CryptoPotato.
Saylor believes the ETFs are supporting the surge in the Bitcoin price since there is an imbalance in the crypto’s supply.
Demand for Bitcoin Products is 10x the Supply
In an interview with CNBC, Saylor noted that there was a decade of accumulated demand for Bitcoin ETFs, which is now being satisfied as mainstream investors gain access to BTC. According to him, this accessibility is the reason behind the increased capital inflow to the ETFs.
Saylor emphasized Bitcoin’s appeal, noting its lack of correlation with traditional risk assets and independence from the influences of any specific country, company, economic cycle, or external factors such as weather or geopolitical events.
The MicroStrategy co-founder also mentioned rebranding plans that will see the company shift to a Bitcoin development company. This move mirrors its goal of getting more BTC and supporting the expansion of the Bitcoin network.
He explained that this aligns naturally with the company’s direction, citing the success of its Bitcoin-centric strategy and MicroStrategy’s position as the world’s largest public corporate investor in the asset.
Saylor argued that MicroStrategy’s operational model affords it more versatility than a traditional investment trust, which allows the company to engage in software development, generate cash flow, utilize the capital markets, and accumulate BTC for its shareholders, all while contributing to the growth of the Bitcoin network.
Meanwhile, MicroStrategy has increased its crypto holdings this year to reach 190,000 Bitcoins, purchasing 31,775 more coins since the end of Q3 2023. The acquisition was the largest quarterly Bitcoin holding addition over the three years and the 13th consecutive quarter of increasing their holdings.
BTC Surpasses 50K
Saylor’s interview comes amid a breakthrough in the Bitcoin price where it surpassed the $50,000 mark on Monday for the first time in over two years. The token is trading at double its price a year ago and has seen a 15% rise since the start of the year.
Similar to Saylor’s view, James Butterfill, head of research at crypto investment group CoinShares, commented that after a disappointing period following the spot Bitcoin ETFs launch, there are now continued inflows into the funds. Subsequently, there is more organic demand for Bitcoin.
According to CoinGecko data, Bitcoin is trading at around $50,000, up 3.8% over the last 24 hours and 17.3% over the last week at the time of writing.
The post MicroStrategy’s Michael Saylor Says Bitcoin Products Demand Exceeds Supply by 10x appeared first on CryptoPotato.
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