Michael Saylor Weighs in On BlackRock’s Ultra-Bullish Bitcoin Statement

by

As a seasoned crypto investor with over two decades of experience navigating the ever-evolving world of digital assets, I find myself increasingly optimistic about Bitcoin’s future. The recent endorsement from BlackRock’s Head of Digital Assets, Robbie Mitchnick, has added credibility to the narrative that Bitcoin is not just a fad but a legitimate contender as a global monetary alternative.

Michael Saylor, an ardent supporter of Bitcoin and co-founder of the MicroStrategy business software titan, shared a tweet in agreement with BlackRock’s latest remarks on Bitcoin, which caused quite a stir within the cryptocurrency sphere on Tuesday.

Saylor issued a supportive comment on what BlackRock’s head of digital assets Robbie Mitchnick said about Bitcoin and its properties during the appearance he made at Bloomberg Crypto.

BlackRock exec praises Bitcoin

As a financial analyst, I enthusiastically shared my optimistic views on Bitcoin during our recent discussion about retail investors’ interest in this volatile digital currency, and speculations about its potential uses moving forward.

According to Mitchnick, BlackRock views Bitcoin as a potential new global monetary option, characterized by its scarcity, global reach, decentralization, and lack of sovereignty. This asset carries no country-specific risk, making it increasingly appealing amid rising worries about excessive money printing, currency devaluation, and mounting political, fiscal, and sustainability issues not just in the U.S., but also in other nations.

#Bitcoin serves as a growing worldwide monetary option; it’s a rare, universal, decentralized, and non-governmental asset. – Paraphrased by AI Assistant

— Michael Saylor⚡️ (@saylor) September 24, 2024

Mitchnick noted that this idea aligns with many investors, and further explained that Bitcoin possesses traits of both high-risk and low-risk assets. He went on to mention that there are usually two or three events annually that influence Bitcoin’s intrinsic value, but this year, he thinks there were four such occurrences. However, he emphasized that the current state of the stock market and job market has no bearing on Bitcoin.

As a reminder, this year, among the key Bitcoin price drivers have been the fourth Bitcoin halving and the approval of the spot Bitcoin ETFs granted by the Security and Exchange Commission.

Last week, the SEC gave their okay for BlackRock to offer Bitcoin options. This significant step was widely applauded within the cryptocurrency community.

BlackRock ETF absorbs almost $100 million

Following a brief spell without any new investments, BlackRock’s Bitcoin ETF resumed taking in funds once more. As per the analysis account @spotonchain, on September 24, BlackRock’s IBIT received approximately $98.9 million. This marked BlackRock’s second consecutive day with a positive flow of funds.

Among all Bitcoin-based ETFs, including Bitwise, Fidelity, Grayscale, and others, the one you’re referring to had significantly more investment inflows compared to its competitors. Specifically, it attracted $17.4 million, while Bitwise, Fidelity, and Grayscale saw inflows of $16.8 million, $16.8 million, and a minimal $2.9 million respectively. In contrast, the other Bitcoin ETFs experienced no market inflows at all.

🇺🇸 Spot ETF: $136M invested in Bitcoin and $62.5M in Ethereum

— Spot On Chain (@spotonchain) September 25, 2024

In total, $136 million went into the spot BTC funds on Tuesday.

Read More

2024-09-25 11:55