Pent-Up Demand Driving Surge of Capital Into Bitcoin, Says MicroStrategy Founder
According to Michael Saylor, the founder and executive chairman of MicroStrategy, the demand for Bitcoin (BTC) is surpassing its supply. In an interview on CNBC Television, Saylor explained that the approval of spot market Bitcoin exchange-traded funds (ETFs) in the US has triggered a massive influx of capital into the flagship digital asset.
Saylor stated that there has been a decade of pent-up demand for Bitcoin ETFs, and now mainstream investors have finally gained access to Bitcoin. This surge of capital is driven by investors realizing that there is ten times more demand for Bitcoin through these ETFs than there is supply from miners.
Spot Market Bitcoin ETFs
Spot market Bitcoin ETFs provide investors with exposure to Bitcoin without needing to purchase the asset itself. The US Securities and Exchange Commission (SEC) approved these ETFs in January. According to Saylor, Bitcoin has become the world’s most popular investment asset due to its unique qualities and lack of correlation with traditional risk assets.
Bitcoin’s Price
At the time of writing, Bitcoin is trading at $49,554, representing a 17% increase over the past seven days.
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