Michael Saylor said he has no intention of selling bitcoins off MicroStrategy’s balance sheet

Hundreds of millions of dollars of capital are flowing from the traditional financial system to the digital economy every day, he said

21.02.2024 - 12:50

282

2 min

What’s new? MicroStrategy (MSTR) CEO Michael Saylor has no plans to sell the analytics software company’s BTC anytime soon or perhaps ever, he said in an interview with Bloomberg. According to him, spot exchange-traded funds (ETFs) based on the first cryptocurrency “have opened up a gateway for institutional capital to flow into the bitcoin ecosystem.” The businessman explained that every day hundreds of millions of dollars of investments flow from the traditional financial system into the digital economy.

Material by Bloomberg

What else is known? Saylor noted that BTC, which has a capitalization of over $1 trillion, competes with and outperforms large traditional assets like gold, real estate, and the S&P 500 index. He believes capital will continue to flow from those asset classes into bitcoin because it is technically ahead of them.

MicroStrategy first started buying bitcoin in August 2020 and has been adding to its portfolio ever since. At the end of January, MicroStrategy had 190 000 BTC on its balance sheet, purchased for an average of $31 224 per coin. As of February 21, the company has an asset value of about $10 billion, of which$ 4 billion is profit.

Michael Saylor: The launch of spot BTC ETFs will be the biggest event on Wall Street since 1993

According to the businessman, the asset expects explosive growth in demand from both retail and institutional investors

Earlier, Saylor stated that the demand for bitcoin investment products is 10 times higher than the available supply in the market. The businessman explained that the surge in demand for BTC and the launch of spot ETFs caused a sharp increase in capital growth in this asset class.

Author: