“ Wall Street loves bitcoin. They buy 12.5 times more bitcoins per day than the network can produce “, underlines crypto trader Pomp with insight on Twitter. According to him, daily acquisitions far exceed the network’s production, reaching up to 12.5 times more. For MicroStrategy’s Michael Saylor, spot Bitcoin ETFs played a crucial role in popularizing the cryptocurrency, propelling its price to new heights.
Bitcoin ETFs Drive Demand and Drive Prices
MicroStrategy (and Bitcoin) figurehead Michael Saylor says Recent Introduction of Bitcoin ETFs Drives Price Rise for the Queen of Cryptos, due to a massive imbalance between supply and demand in the world of cryptocurrency. According to him, almost a decade of pent-up demand for a BTC product accessible to retailers is being released.
“ There’s been a decade of pent-up demand that people have been waiting for for these ETFs, and finally, traditional investors can access Bitcoin, and I think that’s what’s driving the influx of capital into this asset class », he underlined in the columns of CoinDesk.
Current demand for Bitcoin stems from its uncorrelated nature with traditional risky assets and its lack of exposure to specific events such as quarterly earnings, conflicts or supply chain disruptions, explained Saylor, former CEO of MicroStrategy.
In addition, MicroStrategy, a pioneer in the accumulation of bitcoins, is even considering rename itself “Bitcoin development company”, in line with its strategy to expand its BTC holdings and drive blockchain growth. Noting that initially, MicroStrategy is a software publisher facilitating business decision-making or Business Intelligence.
According to Saylor, this model offers increased flexibility compared to an investment trust, allowing the company to develop softwareto generate cash flow, to accumulate BTC for its shareholders and to contribute to the growth of the eponymous network.
“ It is natural for us to position ourselves as a Bitcoin development company “, he concluded, comparing MicroStrategy to a development company focused on sectors such as real estate or oil.
MicroStrategy: Unstoppable Growth Despite Bitcoin Uncertainty
MicroStrategy Incorporation (Nasdaq: MSTR), has just revealed stunning results for the fourth quarter of 2023 on its website. With a focus on massively increasing its bitcoin holdings, 190,000 BTC so far, and rolling out MicroStrategy AI, the company has seen double-digit revenue growth.
Aware of the benefits that MicroStrategy can derive from its bitcoins, Phong Le, CEO, emphasizes the commitment to technological innovation.
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