Outside Source
MicroStrategy founder Michael Saylor said that demand for Bitcoin (BTC) investment products is ten times greater than the supply available in the market.
In an interview with CNBC, Saylor emphasized that the U.S. Securities and Exchange Commission’s (SEC) approval of cryptocurrency ETFs led to a noticeable quote increase. He believes the first cryptocurrency received an impulse to move upward due to the high interest of investors in the new product.
“There’s ten times as much demand for bitcoin coming into these ETFs as there is supply coming from the natural sellers who are the miners.”
Michael Saylor, MicroStrategy founder
In addition, Saylor said that MicroStrategy will rebrand and transform into a company developing solutions based on Bitcoin technology. The move will reflect its strategy to accumulate digital reserves and promote the development of the first cryptocurrency network.
Saylor said that MicroStrategy’s business model offers more flexibility than an investment trust. In particular, the entrepreneur notes that a company can develop software, generate cash flow, and, at the same time, accumulate reserves in bitcoins.
In January 2024, MicroStrategy purchased 850 BTC for $37.2 million. After this purchase, MicroStrategy’s Bitcoin reserve reached 190,000 BTC. The company’s portfolio is valued at $9.5 billion at current exchange rates.
At the same time, the company published a financial report for the fourth quarter of 2023. During this period alone, the firm purchased an additional 31,755 BTC, according to the documents. The organization emphasized that this is the most significant quarterly investment in Bitcoin over the past three years.
This article first appeared at crypto.news
