MicroStrategy’s founder, Michael Saylor, attributes the surge in Bitcoin demand to the approval of spot market Bitcoin exchange-traded funds (ETFs) in the US.
Saylor believes that there is a significant amount of pent-up demand for Bitcoin, with investors waiting for the approval of ETFs to gain access to the asset.
Spot market Bitcoin ETFs provide investors with exposure to Bitcoin without having to purchase the asset directly.
Saylor views Bitcoin as a unique and uncorrelated investment asset that can diversify a portfolio.
Details:
Michael Saylor, the founder and executive chairman of MicroStrategy, recently discussed the factors driving the surge in demand for Bitcoin (BTC) in an interview on CNBC Television.
Saylor believes that the approval of spot market Bitcoin ETFs in the US has triggered a significant increase in demand for the digital asset.
He notes that there has been a long-standing demand for Bitcoin, with investors eagerly awaiting the approval of ETFs to gain access to the asset.
Saylor believes that the approval of ETFs has opened up Bitcoin to mainstream investors, leading to a surge of capital into the asset class.
He also highlights the unique characteristics of Bitcoin, such as its digital nature, global reach, and lack of correlation with traditional risk assets, which make it an attractive investment for responsible investors.
At the time of writing, Bitcoin is trading at $49,554, representing a 17% increase over the past seven days.
