U.Today – MicroStrategy founder and chairman Michael Saylor has finally commented on a recently released whitepaper by BlackRock (NYSE:). Saylor’s comment comes after popular figures such as Bloomberg senior ETF analyst Eric Balchunas highlighted BlackRock’s whitepaper on Bitcoin.
Michael Saylor's endorsement of BlackRock's Bitcoin whitepaper
Regarding the X platform, Saylor said: “For investors, #Bitcoin is a unique diversifier.” Saylor describes the Bitcoin whitepaper as an excellent piece of research that articulates the value of Bitcoin and dispels popular misconceptions.
In post X, he highlighted the whitepaper and urged his followers to look into it. Saylor’s comments further demonstrate his commitment to the Bitcoin (BTC) ecosystem. Saylor, a staunch Bitcoin advocate, began investing in the coin in 2020 through his company, MicroStrategy.
As previously reported by U.Today, MicroStrategy now owns 1.17% of all bitcoins. It has steadily increased its bitcoin holdings, which are larger than most exchange-traded funds (ETFs) on the market.
Details of BlackRock's Bitcoin whitepaper
BlackRock’s Bitcoin whitepaper, “Bitcoin: A Unique Diversifier,” offers an in-depth analysis of Bitcoin’s journey to a $1 trillion market cap. The nine-page document notes that Bitcoin’s appeal to investors lies in its decoupling from traditional risk and return factors.
Furthermore, it shows that Bitcoin outperformed all major asset classes in seven of the past ten years, generating an annualized return of nearly 100%. According to BlackRock, this performance was achieved despite Bitcoin being the worst performer in three of those years. Notably, Bitcoin experienced four drops of more than 50%.
The report further highlights that geopolitical, fiscal and monetary stability concerns will likely influence Bitcoin’s adoption trajectory. Still, the report concludes that Bitcoin remains a high-risk asset subject to volatility and regulatory challenges.
At the time of writing, BTC is trading at $63,444, showing a 1.08% increase over the past day. However, trading volume shows a reduction in investor sentiment, with a 24-hour drop of 12.15%.
This article was originally published on U.Today
