Claim $500MicroStrategy’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.
Also Read: Binance Vs SEC News: BinanceUS Files Motion In Response To Earlier Deal With SEC
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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- January Fed Rate Cut Odds Fall to New Lows After Strong U.S. Q3 GDP Report
- Breaking: U.S. GDP Rises To 4.3% In Q3, BTC Price Climbs
- Breaking: Bank of Russia Proposes Allowing Investors to Buy Bitcoin and Crypto in Major Regulatory Shift
- Crypto ETF Issuer 21Shares Advances Dogecoin ETF Bid with Amended S-1 Filing
- Bitcoin Crash Risk Mounts As Peter Brandt Points to 80% Declines in Every Major Cycle
- Solana Price Outlook: Will SOL Recover With Strong Institutional Buying?
- Ethereum Price Risks Crash to $2,500 Amid Sustained Wintermute Dumping
- Is It Time to Sell Bitcoin for Gold- Analyst Spots 2023 Pattern That Triggered BTC’s Last Major Rally
- Bitcoin Price Prediction and Analysis: Will BTC Hit $100k Before Year-End?
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
