📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Bitcoin Saving Your Money: Michael Saylor Makes Fundamentally Bullish Statement

Published 05/18/2024, 06:00 AM
Updated 05/18/2024, 09:30 AM
© Reuters Bitcoin Saving Your Money: Michael Saylor Makes Fundamentally Bullish Statement
BTC/USD
-

U.Today - Michael Saylor, the founder of the MicroStrategy business intelligence giant, has issued a fundamental statement about what is happening as Bitcoin continues to win against fiat money. Basically, Saylor tweeted that Bitcoin is saving investors money from depreciating, again reminding them about its store-of-value status.

In the meantime, the world’s flagship cryptocurrency reclaimed the $67,000 price line on Friday and then again recaptured it after a minor rebound that followed earlier today.

Michael Saylor's profound statement on BTC and fiat

The vocal Bitcoin evangelist Saylor addressed his vast audience on X to tell them that Bitcoin prevents investors’ fiat money from devaluating. His message was: “If it's not Bitcoin, your money is melting.”

The leading cryptocurrency becomes now widely considered as a store of value not only by Bitcoin maximalists, like Saylor and Max Keiser, but also by multiple financial institutions. Since the start of the year, the demand for Bitcoin has staggeringly increased thanks to the SEC regulator approving spot Bitcoin exchange-traded funds (ETFs).

In the middle of January, the regulatory agency granted permission for these ETFs to start trading — 11 ETFs in total. Ten of them started an aggressive accumulation of Bitcoin since then, buying together roughly 10,000 BTC per day — that was 12x what miners could produce (900 BTC per day). As many experts pointed out, the ETFs created a demand shock. Many retail and institutional investors then followed suit and began to accumulate 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 renowned Bitcoiners pointed out, created a supply shock.

Fidelity ETF beats BlackRock (NYSE:BLK) one

As reported by the @spotonchain analytics account on X, on May 17, the aforementioned Bitcoin ETFs saw a cumulative inflow of more than $222 million. More good news is that the inflow has been positive throughout all the current trading week, the tweet stressed, with the Bitcoin price rebounding by more than 10% over the past seven days.

Grayscale has been seeing positive inflows for three days in a row. The largest single-day inflow on Friday was witnessed by Fidelity — that was $99.4 million in Bitcoin as this ETF outpaced BlackRock’s fund with its $38.1 million in Bitcoin coming in.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.