Bitcoin
Michael Saylor makes fundamentally optimistic statement
Yuri Molchan
Bitcoiner Saylor Supports BTC Position Above $66,000 Level With Long-Term Bullish Forecast
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Michael Saylor, the founder of business intelligence giant MicroStrategy, has issued a fundamental statement about what is happening as Bitcoin continues to beat fiat currency. Basically, Saylor tweeted that Bitcoin is saving investors money of depreciation, reminding them once again of their 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
Bitcoin frontman Saylor addressed his vast audience on X to tell them that Bitcoin prevents the devaluation of investors’ fiat money. His message was: “If it’s not Bitcoin, your money is melting.”
The leading cryptocurrency is now widely considered a store of value not only by Bitcoin maximalists but also 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 one
As reported by the analytics account @spotonchain on X, on May 17, the above-mentioned Bitcoin ETFs recorded a cumulative inflow of over $222 million. More good news is that inflow has been positive throughout the current trading week, the tweet emphasized, with the price of Bitcoin recovering by more than 10% in the last seven days.
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.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptography since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many of its aspects. He has written for several crypto media outlets. Articles of his have been cited by crypto influencers like Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.