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'Bitcoin Popularity Secret' Revealed by Michael Saylor on CNBC

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Mon, 11/03/2024 - 15:20
'Bitcoin Popularity Secret' Revealed by Michael Saylor on CNBC
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Founder of MicroStrategy and its former chief executive Michael Saylor, who is now responsible for the company’s Bitcoin strategy, has talked to CNBC’s Squawk Box host about Bitcoin, its strong points and further prospects in the financial world.

He has also explained why MicroStrategy is likely to continue to attract funds from Bitcoin lovers and compete with spot Bitcoin ETFs like BlackRock.

Related

Saylor expects Bitcoin's popularity to expand

Michael Saylor shared his vision of Bitcoin institutional adoption in the future with host Andrew Sorkin.

Saylor stated that compared to gold, BTC is much more progressive and can be transacted in a few minutes to the other side of the world. Besides, “Bitcoin is going to eat gold,” he reckons, as BTC has all the best attributes of it and none of its defects. Bitcoin is going to divert funds from gold and other risky assets and ETFs, such as SPY, according to Saylor.

MicroStrategy surpasses BlackRock on Bitcoin holdings

As the business intelligence giant scooped up another 12,000 BTC worth approximately $821.7 million, it left the largest spot Bitcoin ETF of BlackRock behind, now holding a total of 205,000 BTC versus BlackRock’s 195,985.31.

Despite spot Bitcoin exchange-traded funds accumulating more and more BTC, offering investors an opportunity to expose themselves to this new asset class, Saylor believes that MicroStrategy can still successfully compete with them, while remaining a proxy for Bitcoin.

The reason for this is that MicroStrategy purchased a large portion of its Bitcoin using a convertible debt as it sold shares to its investors and raised money to buy Bitcoin. Therefore, these investors are getting their investment yield on the shares, while those who invest in Bitcoin via the ETFs, have to pay a monthly fee.

Related

Bitcoin reaches new all-time high close to $72,000

Earlier today, Bitcoin smashed the $71,000 all-time high, and later it surpassed the $72,000 level before rolling back a little. Thus, today, BTC has so far demonstrated growth of nearly 6%.

Bitcoin maximalist Max Keiser took to X/Twitter to remind the cryptocurrency community about his earlier prediction that Bitcoin would eventually reach $220,000. Today, he added that he raised his upper target for this bull cycle to $750,000.

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