Bitcoin maximalist Michael Saylor answers key questions including why Bitcoin price is skyrocketing, Wall Street going all-in crypto asset, regulatory paradigm shift, and MicroStrategy’s position on the leading crypto. Saylor’s MicroStrategy plans to raise $42 billion to buy more BTC over the next three years.
MicroStrategy’s Michael Saylor Explains Why Bitcoin Is the Future
According to an X post by journalist Mario Nawfal on November 4, MicroStrategy executive chairman Michael Saylor shared his insights on why the Wall Street now going all-in Bitcoin, why is BTC price going higher, and other key topics related to crypto.
Commenting on why Bitcoin is going higher, Saylor said it is considered a digital gold and it’s a new asset class. Also, BlackRock and its CEO Larry Fink driving the adoption of Bitcoin after the launch of iShares Bitcoin exchange-traded fund (IBIT). Bitcoin’s hedge against inflation and monetary chaos, along with the fundamental idea of holding digital wealth immune to the government’s control.
He added that the US Federal Reserve’s pivot to rate cuts, big banks to custody BTC, and the US SEC approving BlackRock’s spot Bitcoin ETF options were the three primary reasons behind the latest rally. Other catalysts include US elections and increasing Wall Street’s adoption via spot Bitcoin ETFs.
What US Elections Mean For Bitcoin and Other Crypto Assets
Michael Saylor believes the regulatory clarity after the US presidential election will drive prices of BTC and other crypto assets higher, with easing interest rates.
Bitcoin needs acknowledgment as a legitimate asset class to bring money from traditional assets such as bonds, gold, and real estate to Bitcoin. It is supported by the regulators as a property but not as a currency, but still companies were cleared to own it.
BlackRock and Fidelity are driving clients to Bitcoin. He cited “Bitcoin: A Unique Diversifier” white paper by BlackRock, explaining why Bitcoin is a new asset class to invest in. He thinks people will reallocate their investment portfolio to diversify with Bitcoin.
In the 2024 Bitcoin Conference, Presidential candidates Donald Trump, RFK Jr., and Senator Cynthia Lummis supported the idea of having Bitcoin strategic reserve.
Michael Saylor on Meme Coins and Ethereum
MicroStrategy executive chairman asserts that Bitcoin is the only asset in the crypto space with ambiguous regulatory clarity and global consensus as a commodity. He said the liquidity or capital being invested in meme coins doesn’t impact Bitcoin.
Michael Saylor considered other crypto as different applications meeting the needs of different investors. He said, “I think all other crypto assets fall into a gray zone.” ETH is not for MicroStrategy.
US Govt Is Holding Bitcoin
Michael Saylor claims that the US government is holding onto the seized BTCs and not selling them. He said, “Bitcoin is the next financial frontier. It will go from $1 trillion to $10 trillion to $100 trillion.”
The company has positioned itself as a Bitcoin-focused public firm allowing institutional investors unique access to Bitcoin exposure. MSTR stock price has rallied more than 235% YTD, with the price currently trading near $230. Canaccord raised its price target for MicroStrategy stock to $300 and kept a “buy” rating on the stock.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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