Bitcoin
Michael Saylor Makes Fundamentally Optimistic Statement by U.Today
U.Today – Michael Saylor, the founder of business intelligence giant MicroStrategy, has issued a fundamental statement about what is happening as it continues to beat fiat currency. Basically, Saylor tweeted that Bitcoin is preventing the depreciation of investors’ money by reminding them again about its status as a store of value.
Meanwhile, the world’s top cryptocurrency reclaimed the $67,000 price line on Friday and bounced back again after a small rally that followed earlier today.
Michael Saylor’s Profound Statement on BTC and Fiat Currency
The leading cryptocurrency is now widely considered a store of value not only by Bitcoin maximalists such as Saylor and Max Keiser, but also by several financial institutions. Since the beginning of the year, demand for Bitcoin has surprisingly increased thanks to the SEC regulator’s approval of spot Bitcoin exchange-traded funds (ETFs).
In mid-January, the regulatory agency granted permission for these ETFs to begin trading – 11 ETFs in total. Ten of them began aggressive Bitcoin accumulation since then, together purchasing around 10,000 BTC per day – that was 12x what the miners could produce (900 BTC per day). As many experts have pointed out, ETFs have created a demand shock. Many institutional and retail investors followed suit and began accumulating digital gold.
In the second half of April, the Bitcoin community witnessed the fourth halving event, which halved the production of new BTC. This, as many renowned Bitcoiners have pointed out, has created a supply shock.
Fidelity ETF beats BlackRock (NYSE:) one
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Grayscale has seen positive entries for three consecutive days. The largest single-day inflow on Friday was witnessed by Fidelity – which was $99.4 million in Bitcoin, as this ETF surpassed BlackRock’s fund with its $38.1 million inflow in Bitcoin.