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Tech titan and outspoken Bitcoin advocate Michael Saylor remains unfazed by market fluctuations, reaffirming his unwavering commitment to the world’s leading cryptocurrency. In a recent Bloomberg TV interview, Saylor declared his intent to “buying forever,” solidifying his bullish stance and potentially influencing the ever-volatile crypto market.
At the time of writing, Bitcoin was trading at $51,433, down a measly 0.4% in the last 24 hours, and climbing 1.6% in the last seven days, data from Coingecko shows.
A Decade-Long Bitcoin Odyssey
Saylor’s journey with Bitcoin began in 2020 when he spearheaded MicroStrategy’s initial investment, marking a turning point for institutional adoption. Since then, he has relentlessly championed the digital asset, advocating for its inclusion as a treasury reserve for corporations.
MicroStrategy’s current Bitcoin holdings, exceeding 190,000 BTC, translate to a staggering $10 billion valuation, highlighting their unwavering confidence in its potential. This unwavering trust also yielded impressive results, with MicroStrategy’s unrealized profits on their Bitcoin holdings reaching $3.2 billion last week.
JUST IN: Reporter asks Michael Saylor when he plans to sell #Bitcoin
Michael Saylor: I’ll be buying forever. pic.twitter.com/DJhWwB1dl1
— Watcher.Guru (@WatcherGuru) February 20, 2024
Michael Saylor: Bitcoin As A Superior Asset Class
Saylor’s conviction extends beyond mere financial gain. He views Bitcoin as an intrinsically “superior” asset, eclipsing even established giants like gold and the S&P 500. In his own words, “there is no reason to sell the superior to buy the losers.”
This firm belief fueled MicroStrategy’s recent transformation into a “Bitcoin Development Company,” showcasing their dedication to fostering the digital currency’s ecosystem.
Bitcoin (BTC) is currently trading at $51.433. Chart: TradingView.com
Institutional Entry Point: The Power Of Spot Bitcoin ETFs
While acknowledging Bitcoin’s trillion-dollar valuation, Saylor recognizes the need for wider accessibility. He emphasizes the significance of spot Bitcoin ETFs, which would allow investors to gain exposure to the asset without directly purchasing and holding it. This, he believes, could act as a gateway for institutional investors, further propelling Bitcoin’s mainstream adoption.
MicroStrategy Executive Chair Michael Saylor says the approval of spot Bitcoin ETFs is “a rising tide that is going to lift all boats” https://t.co/0X0Pcz9N8S pic.twitter.com/jA1KxQEDAW
— Bloomberg TV (@BloombergTV) February 20, 2024
2024: The Year Of Bitcoin’s Institutional Coronation?
Saylor doesn’t mince words when it comes to the future. He boldly proclaims 2024 as the “year of birth” for Bitcoin as a full-fledged institutional asset class. This prediction hinges on his belief that Bitcoin surpasses even gold in its modernity and potential, leaving the “outdated” precious metal in the dust.
Saylor’s pronouncements are undeniably biased, reflecting his deep-seated belief in Bitcoin. Investors are urged to conduct their own due diligence and acknowledge the inherent volatility associated with cryptocurrencies. Furthermore, the regulatory landscape surrounding Bitcoin remains fluid, introducing additional layers of risk.
MicroStrategy’s Bitcoin-centric pivot is a bold move, and its success hinges on navigating the dynamic and often unpredictable realm of cryptocurrency. Whether 2024 truly marks Bitcoin’s institutional coronation remains to be seen, but one thing is certain: Michael Saylor, the modern-day Midas of Bitcoin, will be watching with unwavering conviction.
Featured image from Pixabay, chart from TradingView