According to him, the reason for the surge in capital growth in this asset class was the surge in demand for BTC and the launch of spot crypto funds

Michael Saylor: the demand for BTC products is 10 times greater than supply

13.02.2024 - 09:50

76

1 min

What’s new? Michael Saylor, the head of the board of directors of analytical software developer MicroStrategy (MSTR), has said that the demand for bitcoin investment products is 10 times greater than the available supply in the market. In an interview with CNBC, the businessman explained that the surge in demand for BTC and the launch of spot crypto exchange-traded funds (ETFs) have caused a surge in capital growth in this asset class.

CNBC’s interview

What else is known? According to Saylor, bitcoin is in demand right now because it is “uncorrelated to traditional risk assets and doesn’t come with exposure to any given country or company, quarterly result product cycle competitor, not to weather not to war, not to an employee base or supply chain.”

The entrepreneur also said that MicroStrategy will rebrand itself to become a bitcoin development company, reflecting its strategy to accumulate more of the asset and facilitate the growth of the Bitcoin network.

Saylor argues that MicroStrategy’s model provides more flexibility than an investment trust, allowing the company to develop software, generate cash flow using the capital markets, accumulate bitcoins for its shareholders and contribute to the growth of the Bitcoin network.

MSTR stock is trading at $717,52 on the Nasdaq and has added 187,87% since the beginning of the year.

Saylor previously said that allowing spot BTC ETFs into the market would be the biggest event for Wall Street in 30 years and would lead to an explosion in bitcoin demand.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy