In a CNBC interview with Morgan Brennan, Michael Saylor, the co-founder and chairman of MicroStrategy, explained the increased demand for Bitcoin (BTC) products.
He revealed that the Microstrategy is undergoing a rebrand, transitioning to a Bitcoin Development Company. Saylor, a Bitcoin advocate, linked this heightened demand to the recent launch of Bitcoin exchange-traded funds (ETFs).
It can be recalled that the U.S. Securities and Exchange Commission (SEC) approved the first U.S.-listed exchange-traded funds (ETFs) to track bitcoin on January 10, 2024. The approval includes 11 applications from various companies, such as BlackRock, Fidelity, Invesco, and VanEck.
This choice is seen as a big step for the cryptocurrency market, as it provides broader access to Bitcoin for investors and is expected to open the door to other innovative crypto products.
Saylor stated that mainstream investors now have access to Bitcoin after nearly a decade of pent-up demand. The imbalance in supply and demand is particularly evident as ETF-driven demand far exceeds the natural supply from miners.
He also pointed out the attractiveness of Bitcoin, noting its unique features like being independent of traditional risks and having a global, decentralized nature. He believes these qualities are driving the current increase in cryptocurrency market capital.
In a bold move, Saylor announced that MicroStrategy will rebrand as a “bitcoin development company,” aligning with its successful Bitcoin-focused strategy, making it the world’s largest public company holder of Bitcoin.
Saylor compared the new identity to a real estate or petroleum development company, highlighting its flexibility.
MicroStrategy’s approach allows them to create software, generate cash flow, use the capital market, and collect Bitcoin for shareholders while supporting the growth of the Bitcoin network.
Michael Saylor and Microstrategy
Michael J. Saylor is an American entrepreneur, executive, inventor, author, and philanthropist.
He co-founded MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services.
Saylor served as the Chief Executive Officer of MicroStrategy from 1989 to 2022 and has been the Executive Chairman since August 2022.
He is also the chairman of the board of directors of MicroStrategy, a position he has held since co-founding the company. He is known for his advocacy of Bitcoin, believing that it will replace gold as the global store-of-value asset.
MicroStrategy is a prominent company that provides business intelligence, mobile software, and cloud-based services. It has emerged as a global leader in enterprise analytics and mobility software, serving thousands of organizations worldwide.
