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Michael Saylor, the co-founder and Executive Chairman of business intelligence company MicroStrategy Inc, on Monday said "theres a lot of uncertainty around the rest of the crypto ecosystem, but the one thing we can count on is Bitcoin BTC/USD going forward in the year 2024."
What Happened: During an interview with CNBC on Monday, Saylor said, "a strategy built around Bitcoin is generally a pretty safe one for institutions.
#Bitcoin represents the digital transformation of capital and everyone is beginning to realize that they are underallocated. My discussion of the bullish factors driving $BTC adoption in 2024 with @MorganLBrennan.pic.twitter.com/DiMfnkYrn9 Michael Saylor?? (@saylor) December 18, 2023
MicroStrategy CEO also discussed the new rules announced by the Financial Accounting Standards Board (FASB) that require companies to account for cryptocurrencies such as Bitcoin at fair value.
He welcomes this, as he believes it will bring more transparency and clarity to companies holding Bitcoin, and sees it as an opportunity for publicly traded companies to invest in Bitcoin as a legitimate Treasury reserve asset.
Bitcoin represents a digital transformation of capital, 99.9% of the capital in the world is tied up in real estate and stocks and precious metals and bonds. And so were point 1% transformed. People, as they get educated on digital assets, are realizing that they ought to be allocating more and more of their capital to this digital asset, he said.
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Why It Matters: When asked about the recent rally in Bitcoin prices, up 56% since early October, Saylor said If Bitcoins not going to zero, its going to a million."
On the impact of the upcoming Bitcoin spot ETF news on the rally, Saylor added, This ETF news is good news. Loosening monetary policy is good news. Inflation anywhere in the world drives Bitcoin adoption. And of course, the halving is going to cut the available supply of Bitcoins for sale in half from the miners. And so weve got a confluence of very bullish milestones over the next six months, and I think smart money is investing into that ahead of it.
MicroStrategy began its Bitcoin investment journey in August 2020. As of November 30, MicroStrategy owned 174,530 Bitcoins, acquired for approximately $5.28 billion at an average cost of $30,252 per Bitcoin.
Price Action: At the time of writing, BTC was trading at $42,926 up 4.60% in the last 24 hours, according to Benzinga Pro.
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