The absence of spot Bitcoin ETFs for a decade has restrained investor demand for digital gold, stated MicroStrategy founder Michael Saylor in an interview with CNBC.
He made these remarks while commenting on the surge in the company’s stock from around $500 to over $700 in February.
In his view, this trend and the record inflow of funds into exchange-traded BTC funds demonstrate an unmet interest in investing in digital gold.
“Bitcoin is in demand because it does not correlate with traditional risk assets, is not tied to any country, company, weather, war, employee base, supply chain, market cycles, or competitors,” said Saylor.
With the introduction of ETFs, large investors finally gained access to the first cryptocurrency, he believes.
Saylor also confirmed plans to transform MicroStrategy into a developer of solutions based on Bitcoin technology.
He emphasized that for a public company with the largest reserves in the segment of the first cryptocurrency, this is a natural step. Moving in this direction reflects the further implementation of the strategy to accumulate digital gold and the desire to contribute to the development of the Bitcoin blockchain, noted the former CEO of MicroStrategy.
After purchasing an additional 850 BTC in January, the firm increased its holdings of the first cryptocurrency on its balance sheet to 190,000 BTC.
According to BitcoinTreasuries, the company’s market capitalization stands at $12.1 billion, with Bitcoin reserves accounting for 78.3% of this figure. The unrealized profit from its position in digital gold exceeds $3.5 billion.
Back in late 2023, Saylor suggested that Bitcoin could either fall to zero or rise to $1 million.