Bitcoin Saving Your Money: Michael Saylor Makes Fundamentally Bullish Statement By U.Today
2024-05-19 00:20:04

U.Today - Michael Saylor, the founder of the MicroStrategy business intelligence giant, has issued a fundamental statement about what is happening as continues to win against fiat money. Basically, Saylor tweeted that Bitcoin is saving investors money from depreciating, again reminding them about its store-of-value status.

In the meantime, the world’s flagship cryptocurrency reclaimed the $67,000 price line on Friday and then again recaptured it after a minor rebound that followed earlier today.

Michael Saylor's profound statement on BTC and fiat

The leading cryptocurrency becomes now widely considered as a store of value not only by Bitcoin maximalists, like Saylor and Max Keiser, but also by multiple financial institutions. Since the start of the year, the demand for Bitcoin has staggeringly increased thanks to the SEC regulator approving spot Bitcoin exchange-traded funds (ETFs).

In the middle of January, the regulatory agency granted permission for these ETFs to start trading — 11 ETFs in total. Ten of them started an aggressive accumulation of Bitcoin since then, buying together roughly 10,000 BTC per day — that was 12x what miners could produce (900 BTC per day). As many experts pointed out, the ETFs created a demand shock. Many retail and institutional investors then followed suit and began to accumulate digital gold.

In the second half of April, the Bitcoin community witnessed the fourth halving event, which reduced the production of new BTC by half. This, as many renowned Bitcoiners pointed out, created a supply shock.

Fidelity ETF beats BlackRock (NYSE:) one

Grayscale has been seeing positive inflows for three days in a row. The largest single-day inflow on Friday was witnessed by Fidelity — that was $99.4 million in Bitcoin as this ETF outpaced BlackRock’s fund with its $38.1 million in Bitcoin coming in.

This article was originally published on U.Today

The content of this article does not represent the views of fxgecko website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!

Related News

您正在访问的是FxGecko网站。 FxGecko互联网及其移动端产品是中国香港特别行政区成立的Hitorank Co.,LIMITED旗下运营和管理的一款面向全球发行的企业资讯査询工具。

您的IP为 中国大陆地区,抱歉的通知您,不能为您提供查询服务,还请谅解。请遵守当地地法律。