As a seasoned crypto investor with a keen interest in the digital currency market, I can’t help but be enthused by Michael Saylor’s recent assertion that Bitcoin is the safeguard against depreciating fiat money. Having witnessed the erratic nature of traditional currencies and their susceptibility to inflation over the years, I wholeheartedly agree with him. The fact that Bitcoin has reclaimed the $67,000 mark multiple times this month is a clear indication of its growing acceptance as a store of value.
Michael Saylor, the founder of MicroStrategy, has made a significant statement regarding Bitcoin‘s ongoing victory over fiat currency. In essence, Saylor took to Twitter to emphasize that Bitcoin helps investors save money by shielding them from the depreciation of traditional currencies. Once more, he highlighted Bitcoin’s role as a valuable store of wealth.
During this time, Bitcoin regained the $67,000 mark on Friday and later recovered it following a brief dip earlier today.
Michael Saylor’s profound statement on BTC and fiat
As a Bitcoin analyst, I would communicate the following in the first person: “I, as a fervent advocate for Bitcoin, spoke to my expansive audience on X, explaining how this digital currency shields investors from the depreciation of their fiat money. My message was clear: ‘If it’s not Bitcoin you hold, your money is losing value.'”
If it’s not #bitcoin, your money is melting.
— Michael Saylor⚡️ (@saylor) May 17, 2024
As a cryptocurrency analyst, I’ve noticed a significant shift in perception toward Bitcoin as a store of value. This belief is no longer confined to Bitcoin maximalists like Saylor and Max Keiser, but has also gained traction among various financial institutions. The catalyst for this surge in demand? The SEC’s approval of spot Bitcoin exchange-traded funds (ETFs) at the beginning of the year.
As a financial analyst, I’d recapitulate the situation as follows: In the heart of January, regulatory approval was granted for the launch of 11 ETFs. Following this authorization, these ETFs initiated an aggressive purchasing spree of Bitcoin, collectively acquiring approximately 10,000 BTC daily. This represented a significant increase compared to daily mining production (approximately 900 BTC). Numerous experts highlighted that such large-scale purchases created a substantial surge in demand, which subsequently prompted both retail and institutional investors to follow suit and invest in Bitcoin as a digital store of value, often referred to as “digital gold.”
During the latter part of April, the Bitcoin community experienced the fourth bitcoin halving. This significant event resulted in a fifty percent reduction in the generation of new Bitcoins. Noted Bitcoin experts highlighted that this decrease brought about a supply shortage.
Fidelity ETF beats BlackRock one
As a crypto investor following the latest developments, I’m thrilled to share that according to the @spotonchain analytics account on Twitter, Bitcoin ETFs experienced a significant inflow of approximately $222 million collectively on May 17. Furthermore, this positive trend continued throughout the current trading week, bringing about a substantial 10% rebound in Bitcoin’s price over the past seven days.
As an analyst, I’ve noticed that Grayscale has experienced consecutive daily inflows for the past three days. Among these inflows, the most substantial one occurred on Friday, with Fidelity contributing $99.4 million into Bitcoin through its Grayscale Bitcoin Trust. This inflow surpassed BlackRock’s $38.1 million investment in Bitcoin during the same period.
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2024-05-18 13:16