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Saylor predicts the Bitcoin market
MicroStrategy Chairman Michael Saylor appeared on CNBC in response to the cryptocurrency Bitcoin (BTC) surpassing $50,000. He shared his outlook on the future market such as ETFs (Exchange Traded Funds).
#Bitcoin is the world's most popular investment asset. It is novel, digital, global, unique, and uncorrelated to traditional risk assets. That makes it a natural addition to the portfolio of a responsible investor. pic.twitter.com/ZOEVkKDh0T
— Michael Saylor
(@saylor) February 12, 2024
Saylor said that Bitcoin is now one of the most popular investment assets in the world.
Bitcoin is novel, digital, global, unique, and has no correlation to traditional risk assets. Therefore, it will be a natural addition to the portfolio of investors who are able to make decisions.
He also predicted that the next decade would be a “gold rush” era for Bitcoin, where demand would grow while supply was limited. Uncertainty and doubts about Bitcoin will diminish, and recognition of Bitcoin and regulatory clarity will mature.
Regarding Bitcoin ETFs, he opined that “the demand for Bitcoin flowing into these ETFs is 10 times greater than the supply from mining operators.”
connection:
Bitcoin spot ETF excluding GBTC, total BTC holdings exceeds MicroStrategy
Ahead of Bitcoin's halving, which is expected to occur around April 2024, MicroStrategy purchased an additional 850 BTC (market value: approximately 6.3 billion yen) in January.
As Bitcoin soared, MicroStrategy's stock price rose 9.8% from the previous day on the 12th, briefly exceeding $700.
connection:
Bitcoin rises above $50,000, bullish trend becomes clearer
What is half-life?
It refers to the timing when the mining reward (= new issuance amount) of virtual currencies such as Bitcoin is reduced by half. Many virtual currencies have an “issuance limit” set in order to prevent inflation, and the amount of new issuance is reduced by half at each halving period that occurs at a certain period. It is also a noteworthy event unique to virtual currencies, as the scarcity value increases significantly as the supply decreases, making it easier for prices to soar.
Virtual currency glossary
connection:
“This Bitcoin halving is different from the last time” Grayscale analysis
Branding as a “Bitcoin development company”
Saylor also said MicroStrategy would be rebranding as a “Bitcoin development company.” The company is the world's listed company that owns the most Bitcoin as a financial asset.
“We will continue to develop software, generate cash flow, and leverage the capital markets so that we can accumulate Bitcoin for our shareholders,” Saylor said. It also goes on to say that it will accelerate the growth of the Bitcoin network.
The company explains that it makes sense to call itself a “Bitcoin development company'' because its Bitcoin strategy has been successful and its corporate value has increased as a result of that recognition.
MicroStrategy's main business is business intelligence (BI), providing a business data analysis platform. Recently, it launched the AI-based BI tool “MicroStrategy AI” into the market.
Last year, it also announced plans to develop a rewards platform that utilizes Bitcoin's L2 technology, Lightning Network (LN).
connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks
Half-life special feature
We have introduced the “Heat Map” function to the CoinPost app for investors!
In addition to important news about virtual currencies, you can also see at a glance exchange information such as the dollar yen and price movements of crypto asset-related stocks in the stock market such as Coinbase.
■Click here to download the iOS and Android versions
https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU
— CoinPost (virtual currency media) (@coin_post) December 21, 2023
The post Chairman of MicroStrategy, which owns a large amount of Bitcoin, talks about outlook and business policy on CNBC appeared first on Our Bitcoin News.
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