Microstrategy’s executive chairman, Michael Saylor, has explained why bitcoin has become “the world’s most popular investment asset.” He noted that following the rebalancing after the launch of spot bitcoin exchange-traded funds (ETFs), the crypto has “found its footing and now people are beginning to realize that there’s 10 times as much demand for bitcoin coming in through these ETFs as there is supply” coming from the miners.
Bitcoin Soars in Popularity
Microstrategy’s executive chairman, Michael Saylor, explained why bitcoin has become “the world’s most popular investment asset” in an interview with CNBC on Monday. Microstrategy now holds 190,000 BTC and claims to be the world’s first Bitcoin development company.
Commenting on the outstanding price performance of bitcoin as well as the Microstrategy stock (Nasdaq: MSTR), Saylor said: “I think a lot of this is indicative of the popularity of bitcoin as an asset class.” He continued:
"It’s now the world’s most popular investment asset."
“It’s novel, it’s digital, it’s global, it’s unique, and it’s uncorrelated to traditional risk assets because it doesn’t come with exposure to any given country, currency, company, quarterly result, product cycle, competitor — not to weather, not to war, not to an employee base or supply chain,” Saylor detailed.
“So that makes it a natural addition to the portfolio of responsible investors. There’s 10 years of pent-up demand people have been waiting for these [spot bitcoin] ETFs and finally mainstream investors are able to access bitcoin, and I think that’s what’s driving the surge of capital in the asset class,” the Microstrategy executive chairman opined.
Saylor then commented on spot bitcoin ETF launches. “Initially, there was a rebalancing as people were moving capital between the futures market, and the miners, and Microstrategy and the ETFs,” he described, adding:
"Following that rebalancing, I think the the asset’s found its footing and now people are beginning to realize that there’s 10 times as much demand for bitcoin coming in through these ETFs as there is supply coming from the natural sellers who are the miners."
Source : Bitcoin.com / Feb 13, 2024