Michael Saylor claims BTC products face overwhelming demand, surpassing supply by 10-fold.
According to Michael Saylor, the founder of MicroStrategy, there is a significant demand for Bitcoin investment products that far exceeds the supply available in the market. In an interview with CNBC, Saylor highlighted that the approval of cryptocurrency exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has contributed to a noticeable increase in demand. He believes that investors’ high interest in these new products has given the first cryptocurrency a boost, causing its price to rise.
Furthermore, Saylor announced that MicroStrategy will undergo a rebranding and transformation to become a company focused on developing solutions based on Bitcoin technology. This strategic move aims to align with their strategy of accumulating digital reserves and supporting the growth of the Bitcoin network.
Saylor also emphasized that MicroStrategy’s business model offers more flexibility compared to an investment trust. He pointed out that the company can not only develop software and generate cash flow but also accumulate reserves in Bitcoin simultaneously.
In January 2024, MicroStrategy acquired 850 BTC for $37.2 million, bringing their total Bitcoin holdings to 190,000 BTC. Based on current exchange rates, the company’s Bitcoin portfolio is valued at $9.5 billion.
Simultaneously, MicroStrategy released its financial report for the fourth quarter of 2023, revealing that the company purchased an additional 31,755 BTC during that period alone. This investment represents the largest quarterly Bitcoin purchase by the company in the past three years.
In related news, Michael Saylor has decided to sell $216 million worth of MicroStrategy shares in order to acquire more Bitcoin. Stay updated with the latest information by following us on Google News.
