MicroStrategy co-founder and executive chairman, Michael Saylor, emphasized the significant surge in demand for bitcoin products during a recent CNBC interview.
He pointed to the recent listing of bitcoin exchange-traded funds (ETFs) as a key driver behind this surge, highlighting the immense appetite for a retail-accessible BTC product.
Saylor noted that the demand for bitcoin through these ETFs is currently ten times greater than the supply from natural sellers, primarily miners.
Unlocking a Decade of Pent-Up Demand
According to Saylor, the recent availability of bitcoin ETFs has unleashed nearly a decade’s worth of pent-up demand from mainstream investors.
This long-awaited accessibility to bitcoin for traditional investors is fueling a surge of capital into the asset class, driving up its price and market demand.
Bitcoin: An Uncorrelated Asset with Global Appeal
Saylor underscored the attractiveness of bitcoin as an investment, highlighting its unique characteristics.
He emphasized that bitcoin’s appeal lies in its lack of correlation with traditional risk assets, as well as its independence from geopolitical and economic factors.
Unlike traditional assets, bitcoin remains unaffected by factors such as company performance, economic conditions, or geopolitical tensions.
MicroStrategy’s Strategic Shift
In light of its successful focus on cryptocurrency, MicroStrategy announced plans to re-brand as a bitcoin development company.
Saylor explained that this strategic shift reflects MicroStrategy’s commitment to accumulating more bitcoin and fostering the growth of the Bitcoin network.
With its status as the world’s largest public company holder of bitcoin, MicroStrategy aims to leverage its model to generate cash flow, develop software, and accumulate bitcoin for its shareholders while contributing to the expansion of the Bitcoin network.
A New Identity: Bitcoin Development Company
Saylor likened MicroStrategy’s new identity to that of a real estate or petroleum development company.
He argued that this shift provides greater flexibility compared to traditional investment trusts, allowing MicroStrategy to play a pivotal role in both the financial markets and the advancement of the Bitcoin ecosystem.
