NewsletterMicroStrategy’s Michael Saylor: Bitcoin Now At Inflection Point
Crypto News: MicroStrategy cofounder and hardcore Bitcoin supporter Michael Saylor said the top cryptocurrency had been gaining support universally in recent times, including from both Democrats and Republican leaders in the United States. He said that the enforcement actions from the likes of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have only increased the fear, uncertainty and doubt (FUD) around the crypto market. However, he explained, that the uncertainty is a good thing for Bitcoin.
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Bitcoin At Inflection Point
With large financial companies filing for spot Bitcoin ETF and the overall optimistic environment in the financial industry, it feels like the industry is at an inflection point, he explained on Friday speaking in an interview. At this point, we have the most information to conclude that Bitcoin is a differentiated international asset store of value and digital commodity. Saylor had also commented on Democratic Presidential Candidate Robert F. Kennedy Jr’s promise to back the US dollar with Bitcoin.
The MicroStrategy cofounder said the move could raise the credibility of the US central bank if it holds some Bitcoin. Saylor explained that approval of the spot Bitcoin ETFs from the likes of Blackrock and Citadel could change the landscape around how BTC is bought by retail investors and institutions. He said Big Tech companies like Apple, Microsoft and Amazon would be able to buy massive bags of Bitcoin “in a minute” if they wish to, via the spot ETFs, considering their deep relations with banks.
Spot Bitcoin ETFs, The Halving, Bitcoin's Next Bull Run and Building Wealth with @NatBrunell. pic.twitter.com/qU27ABKoEr
— Michael Saylor⚡️ (@saylor) August 4, 2023
Also Read: Cathie Wood’s Ark Invest Predicts Bitcoin (BTC) Price Amid Key Macro Events
Meanwhile, the Microstrategy share price has been on a decline in recent days while Bitcoin price continues to trade below the $30,000 milestone.
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