During a CNBC interview, Michael Saylor highlighted the ETF-driven demand surge for bitcoin, citing its novelty, digital nature, and global appeal.
Saylor also said that MicroStrategy will be re-branding into a bitcoin development company, given the success of its crypto focus.
Michael Saylor, MicroStrategy’s (MSTR) co-founder and executive chairman, says the recent listing of bitcoin (BTC) exchange-traded funds (ETFs) is pushing up the token’s price as there is a massive imbalance in the crypto’s supply and nearly a decade of pent-up demand for a retail accessible BTC 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,” he said during an interview with CNBC.
“There are ten years of pent-up demand people have been waiting for these ETFs, and finally, mainstream investors are able to access bitcoin, and I think that is what’s driving the surge of capital in the asset class,” he continued.
Bitcoin is in demand right now because it’s “uncorrelated to traditional risk assets and doesn’t come with exposure to any given country or company, quarterly result product cycle competitor, not to weather not to war, not to an employee base or supply chain,” Saylor said.
Saylor also said that MicroStrategy will be re-branding to a bitcoin development company, reflecting its strategy to accumulate more bitcoin and promote the growth of the Bitcoin network.
“It’s a natural decision for us given the success of our bitcoin strategy and our unique status as the world’s largest public company holder of bitcoin,” he said.
MicroStrategy’s model offers greater flexibility than an investment trust, Saylor argued, enabling the company to develop software, generate cash flow, leveraging the capital market, and accumulate bitcoin for its shareholders and foster the Bitcoin network.
“It makes sense for us to call ourselves a bitcoin development company,” he said, comparing it to a real estate or petroleum development company.
Edited by Parikshit Mishra.