The Co-Founder of MicroStrategy Reveals the Key Drivers of Bitcoin’s Success
The co-founder and executive chairman of the business analytics firm MicroStrategy Inc., Michael Saylor, has expressed his confidence in Bitcoin (BTC) and listed many reasons why people would use the cryptocurrency.
During an interview with CNBC on Monday, December 18, former MicroStrategy CEO Michael Saylor—who previously said that the rest of the crypto ecosystem is experiencing a lot of uncertainty—revealed the trigger that would send Bitcoin higher.
He went on to say that Bitcoin’s global nature makes it the only digital asset in the ecosystem that can be guaranteed. That being said, the asset should be a reliable bet for the cryptocurrency market in 2024.
Saylor also said that institutions may rest easy with a Bitcoin-based approach. He enthusiastically expressed his approval of the new regulations on the fair value of bitcoin when questioned about them by the Financial Accounting Standards Board (FASB).
He thinks it will provide more clarity and openness to businesses that deal in Bitcoin. He also claims that this opens the door for publicly listed companies to consider Bitcoin as a legitimate asset for their reserve funds.
In addition to discussing the company’s history, the co-founder provided valuable insight into the recent 56% price increase of the cryptocurrency asset since October. Saylor made the astute observation that Bitcoin personifies the digital change of wealth. While 1% of the world’s money is tied up with Bitcoin, 99.9% is invested in bonds, equities, real estate, and precious metals, he continued. But he did say that when more people learned about digital assets, they would put more money into the token.
Saylor thinks this is the main reason the cryptocurrency asset has been going up recently. In addition, he has stressed that a million dollars is the next logical step if the price of bitcoin does not go to zero. Furthermore, in his opinion, no one is under allocated to the token if it is a real asset for institutions.
According to Saylor, the excitement around a Spot Bitcoin ETF is partially responsible for the current spike in Bitcoin prices. In his opinion, loosening monetary policy is a good thing, and global inflation will be the driving force behind token adoption.
In his statement, he said, “This news about ETFs is encouraging. Increasing monetary leeway is a positive development. Global inflation is what fuels bitcoin’s popularity. There will be half as many bitcoins available for purchase from miners after the halving. In the next six months, we will see a number of really encouraging milestones, and I believe that wise investors are positioning themselves to profit from this.”