Michael Saylor, the Executive Chairman and Co-founder of business intelligence company MicroStrategy Inc., has shared his optimism on Bitcoin (BTC), providing key factors that will drive the crypto asset’s adoption.
Michael Saylor On Bitcoin Adoption In 2024
Former MicroStrategy CEO Michael Saylor recently revealed the catalyst that will propel Bitcoin higher in an interview with CNBC on Monday, December 18, after Saylor asserted that there is a lot of uncertainty going on around the rest of the crypto ecosystem lately.
He further added that BTC is the one digital asset that is certain in the ecosystem, due to its universal nature. Therefore, the cryptocurrency space should count on the asset going forward in 2024.
Saylor also pointed out that the strategy built around Bitcoin is very safe for institutions. When asked about the new regulatory rules new rules announced by the Financial Accounting Standards Board (FASB) on BTC fair value, he asserted that he welcomes this.
He believes it will promote more transparency and clarity to companies holding Bitcoin. According to him, it also creates opportunities for publicly traded corporations to invest in BTC as a valid asset for Treasury reserves.
The co-founder also shared key insights on the crypto asset’s price rally in the interview, which is currently up by 56% since October. Saylor pointed out that the digital transformation of capital is embodied by Bitcoin. He further added that 99.9% of the world’s capital is invested in bonds, stocks, real estate, and precious metals, while 1% has been tied up with BTC. However, he stated that people are going to adopt more of their capital in the token as they get educated on digital assets.
So far, Saylor believes that this is what driving the crypto asset’s rally lately. He has also highlighted that if the price of BTC is not going to zero, then it will get to a million. In addition, he believes that if the token is a legitimate institutional asset, then everyone is underallocated to it.
BTC Spot ETF Contributing To The Recent Price Rally
Saylor asserted that part of the recent surge in the price of Bitcoin can be traced back to the anticipation around a Spot Bitcoin ETF. According to him, loosening monetary policy is good news, and inflation will drive the token’s adoption anywhere.
He also highlighted the upcoming halving as another factor that would propel BTC. He noted that with the event cutting in half the rate at which new coins are brought into circulation, we are set for several milestones over the next six months.
He stated:
This ETF news is good news. Loosening monetary policy is good news. Inflation anywhere in the world drives Bitcoin adoption. And of course, the halving is going to cut the available supply of Bitcoins for sale in half from the miners. And so we’ve got a confluence of very bullish milestones over the next six months, and I think smart money is investing into that ahead of it.
Featured image from iStock, chart from Tradingview.com
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