U.Today – Michael Saylor, founder of business intelligence giant MicroStrategy, has issued a critical statement on what is happening as he continues to win against fiat money. Basically, Saylor tweeted that Bitcoin is preventing investors from depreciating, again reminding them of its store of value status.
Meanwhile, the world's flagship cryptocurrency reclaimed the $67,000 price line on Friday and then regained it again after a small bounce that followed today.
Michael Saylor's profound statement on BTC and Fiat
The leading cryptocurrency is now widely regarded as a store of value not only by Bitcoin maximalists such as Saylor and Max Keiser, but also by multiple financial institutions. Since the beginning of the year, demand for Bitcoin has increased staggeringly thanks to the SEC regulator approving spot Bitcoin exchange-traded funds (ETFs).
In mid-January, the regulatory agency granted permission for these ETFs to begin trading – 11 ETFs in total. Ten of them began an aggressive accumulation of Bitcoin since then, together buying approximately 10,000 BTC per day – that was 12 times what the miners could produce (900 BTC per day). As many experts pointed out, ETFs created a demand shock. Many retail and institutional investors followed suit and began accumulating digital gold.
In the second half of April, the Bitcoin community witnessed the fourth halving event, which reduced the production of new BTC by half. This, as many reputable Bitcoiners noted, created a supply shock.
Fidelity ETF beats BlackRock (NYSE 🙂 one
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Grayscale has been experiencing positive inflows for three days in a row. Fidelity witnessed the largest single-day inflow on Friday: $99.4 million in Bitcoin, as this ETF surpassed BlackRock's fund with its $38.1 million in Bitcoin.
This article was originally published on U.Today.
