Spot Bitcoin ETF applications and the impending halving are mentioned by Michael Saylor of MicroStrategy as bullish indicators.
In an interview with CNBC on November, Michael Saylor, the founder and executive chairman of MicroStrategy, talked about his company's Bitcoin holdings. 2."You can never have too much Bitcoin... we're big bitcoin bulls," Saylor said in response...
In an interview with CNBC on November, Michael Saylor, the founder and executive chairman of MicroStrategy, talked about his company's Bitcoin holdings. 2.
"You can never have too much Bitcoin... we're big bitcoin bulls," Saylor said in response to his company's 158,400 BTC total holdings. ".
Then he talked about whether investors' interest in MicroStrategy stock (MSTR) would be impacted by the potential approval of a spot Bitcoin ETF. Said Saylor:.
"I believe it will be beneficial. It will speed up adoption as well as Wall Street's institutional awareness-building and education campaigns to explain Bitcoin to the 99 percent of investors who are unaware of it. ".
He called MicroStrategy a “differentiated offering,” pointing out that his company leverages smart leverage to produce a tax-deferred Bitcoin premium for its investors without charging a fee. This was described by him as a "pretty attractive" substitute for a spot Bitcoin ETF.
Saylor wrapped up by talking about Bitcoin's impending halving, which in 2024 will cut miner block rewards by half. Saylor pointed out that as a result of this development, the quantity of Bitcoin that miners sell to the market is probably going to decrease from $12 billion to $6 billion, which will raise demand for already-existing Bitcoin. He said that the halving, along with the demand generated by ETFs, is the reason he and many others are "fairly bullish over the next twelve months.". ".
Under "adult supervision," Bitcoin can grow tenfold.
In addition, CNBC brought up a number of current cryptocurrency-related issues, such as Israel's prohibition of Binance accounts linked to Hamas and Sam Bankman-trial Fried's.
Saylor stated that the cryptocurrency industry needs to "migrate to adult supervision," with Wall Street and big banks acting as custodians of the market, even though he did not address those issues directly. Additionally, he argued that Bitcoin should replace altcoins as the only cryptocurrency that is accepted by all. He declared:.
"I believe the industry moves to the next level and we 10X from here when it shifts its focus away from the shiny little tokens that have diverted attention and destroyed shareholder value.". ".
Saylor held the interview just one day following the release of MicroStrategy's quarterly financial results. The company stated there that it now possesses more than $4 billion in Bitcoin after purchasing $167 million since the end of Q2 2023.
2020 saw MicroStrategy begin purchasing Bitcoin for the first time. Overtaking other purchasers like Tesla and Marathon, it is by far the publicly traded company with the most Bitcoin.