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Michael Saylor, Who Has $10 Billion Worth of Bitcoin, Said “Demand for BTC is 10 Times the Supply”, Reveals Whether He Will Sell

source-logo  en.bitcoinsistemi.com  + 17 more 20 February 2024 19:51, UTC

MicroStrategy CEO Michael Saylor discussed the impact of Bitcoin ETFs on the cryptocurrency market in a recent interview with Bloomberg TV.

Saylor explained that MicroStrategy currently owns just under 200,000 Bitcoins. He also noted that the new spot Bitcoin ETFs collectively hold more than 700,000 Bitcoins. A significant portion of this is held by Grayscale Trust, but approximately 200,000 Bitcoins are held by nine new ETFs on the market.

When asked if new competition would make it harder for MicroStrategy to source new Bitcoin, Saylor answered in the affirmative. Describing the situation as a “beneficial cycle”, Saylor explained that spot ETFs opened a door for institutional capital to flow into the Bitcoin ecosystem.

Demand for spot ETFs, especially new ones, far exceeds the supply from miners every day. According to Saylor, some days the demand for Bitcoin exceeds the supply by 8 to 10 times. Saylor believes that this rise will benefit everyone, including MicroStrategy, which runs a leveraged strategy for Bitcoin.

Saylor also explained that these ETFs facilitate the digital transformation of capital. According to Saylor, hundreds of millions of dollars of capital flow from the traditional economy to the digital economy every day.

Gemini co-founder Cameron Winklevoss echoed Saylor's view in a tweet last week, stating that demand from new Bitcoin ETFs is at least ten times the number of new tokens minted by miners.

Saylor's current assets, now worth about $10 billion, have yielded about 70% on paper. When asked if he would ever sell, Saylor said he would “always buy at the top.” Saylor sees Bitcoin as an exit strategy and the strongest asset.

Saylor concluded by saying that Bitcoin has emerged as a trillion-dollar asset class, competing against gold, the S&P index, and real estate.

*This is not investment advice.


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