MicroStrategy Executive Chairman Michael Saylor Highlights Pent-Up Demand for Bitcoin ETFs
According to MicroStrategy executive chairman and co-founder Michael Saylor, there is a significant amount of pent-up demand for Bitcoin exchange-traded funds (ETFs). In an interview with CNBC, Saylor stated that mainstream investors have been waiting for over a decade to access Bitcoin through ETFs. He believes that this demand is what is driving the surge of capital into the asset class.
MicroStrategy to Rebrand as a Bitcoin Development Company
Saylor also revealed in the interview that MicroStrategy will be rebranding itself as a Bitcoin development company. This decision comes as a result of the company’s success in its Bitcoin strategy and its status as the largest publicly traded holder of Bitcoin. The company plans to develop software, generate cash flow, and leverage the capital markets to accumulate more Bitcoin and promote the growth of the network.
Bitcoin Price Surpasses $50,150
On Tuesday, Bitcoin’s price reached a milestone by surpassing the $50,150 mark, representing a 4% increase. This is the highest price level seen in over two years. The surge in price is attributed to renewed investor confidence due to regulatory advancements and anticipation of further interest rate reductions.
MicroStrategy Continues to Invest in Bitcoin
In its Fourth Quarter 2023 Financial Results report, MicroStrategy announced that it had acquired an additional 31,755 Bitcoin at a cost of $1.25 billion. This brings the company’s total holdings to 190,000 units. MicroStrategy has consistently emphasized Bitcoin as a key asset within its portfolio, with a total investment of $5.93 billion by the end of 2023.
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