MicroStrategy’s Michael Saylor cites spot Bitcoin ETF applications, upcoming halving as bullish signals

Michael Saylor, founder and govt chairman of MicroStrategy, mentioned his firm’s Bitcoin investments throughout an interview with CNBC on Nov. 2.

Saylor first commented on his firm’s complete holdings of 158,400 BTC, stating: “You can never have too much Bitcoin … we’re big bitcoin bulls.”

He subsequent mentioned the doable approval of a spot Bitcoin ETF and whether or not this might have an effect on investor urge for food for MicroStrategy inventory (MSTR). Saylor mentioned:

“I think it’s going to help. It’s going to accelerate adoption and it’s also going to accelerate institutional awareness and education efforts of Wall Street to teach the 99% of investors that don’t know about Bitcoin what it’s all about.”

He described MicroStrategy as a “differentiated offering,” noting that his firm doesn’t cost a charge and makes use of clever leverage to generate a tax-deferred Bitcoin premium for its traders. He known as this a “pretty attractive” different to a spot Bitcoin ETF.

Lastly, Saylor mentioned Bitcoin’s upcoming halving, which can cut back miner block rewards by 50% in 2024. Saylor famous that this occasion will probably see the quantity of Bitcoin that miners promote into the market fall from $12 billion to $6 billion, thereby growing demand for current Bitcoin. He mentioned that, mixed with demand attributable to ETFs, the halving is why he and lots of others are “fairly bullish over the next twelve months.”

Bitcoin can improve tenfold with “adult supervision”

CNBC additionally raised numerous current crypto controversies, together with the prison trial of Sam Bankman-Fried and Israel’s restriction of Binance accounts tied to Hamas.

Although he didn’t touch upon these points particularly, Saylor mentioned that the crypto trade should “migrate to adult supervision,” with giant banks serving as crypto custodians and Wall Avenue taking a job. He additionally insisted on a shift from altcoins to Bitcoin, calling it the one universally acknowledged crypto commodity. He mentioned:

“When the industry takes its eyes away from the shiny little tokens that have distracted and demolished shareholder value, I think the industry moves to the next level and we 10X from here.”

Saylor carried out the interview simply someday after MicroStrategy revealed its quarterly earnings report. There, the corporate mentioned that it has bought $167 million of Bitcoin because the finish of Q2 2023 and now holds greater than $4 billion of Bitcoin in complete.

MicroStrategy first began to purchase Bitcoin in 2020. It’s by far the publicly traded firm with probably the most Bitcoin, surpassing different consumers such as Marathon and Tesla.

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