The co-founder and current executive chairman of MicroStrategy said in an interview with CNBC that the business is changing its name to a bitcoin development firm.
The recent listing of bitcoin (BTC) exchange-traded funds (ETFs) is driving up the token’s price, according to Michael Saylor, co-founder and executive chairman of MicroStrategy (MSTR). This is due to the huge imbalance between supply and demand for bitcoin, which has been building for almost ten years, and the fact that retail investors finally have access to bitcoin.
His statement during an interview with CNBC was, “The demand for bitcoin entering these exchange-traded funds is ten times greater than the supply coming from the miners, who are the natural sellers.”
According to him, “the rise in funds in the asset class may be attributed to the fact that mainstream investors are now able to acquire bitcoin, which has been a long-awaited demand for these ETFs.”
The reason for the current desire for Bitcoin is its decentralization and lack of vulnerability to any one nation, firm, quarterly result, product cycle competition, weather, war, employment base, or supply chain, according to Saylor.
According to Saylor, MicroStrategy’s new identity as a bitcoin development firm reflects the company’s goal of increasing its bitcoin holdings and supporting the expansion of the bitcoin network.
The success of their bitcoin strategy and their unique position as the biggest public business holder of bitcoin made it an obvious option for them, he said.
Saylor contended that MicroStrategy’s strategy is more adaptable than an investment trust, allowing the firm to build software, make income via capital market leveraging, and amass bitcoin for its shareholders while still supporting the Bitcoin network.
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