U.Today – Michael Saylor, founder of business intelligence giant MicroStrategy, has made a fundamental statement about what's going on as he continues to beat fiat money. Essentially, Saylor tweeted that Bitcoin is reminding investors of its status as a store of value, protecting investors from a decline in the value of their funds.
Meanwhile, the world's leading cryptocurrency regained the $67,000 price line on Friday and then regained it again after a small rally that followed earlier today.
Michael Saylor's profound remarks on BTC and fiat currencies
This leading cryptocurrency is now widely considered as a store of value not only by Bitcoin maximalists like Saylor and Max Keizer, but also by several financial institutions. Since the beginning of this year, demand for Bitcoin has increased tremendously thanks to SEC regulators approving the Spot Bitcoin Exchange Traded Fund (ETF).
In mid-January, regulators allowed these ETFs (11 ETFs in total) to begin trading. Since then, 10 of them started actively accumulating Bitcoin, together purchasing around 10,000 BTC per day. This is equivalent to his 12 times the amount that a miner can produce (900 BTC per day). As many experts have pointed out, ETFs have caused a demand shock. Subsequently, many individual and institutional investors followed suit and began accumulating digital gold.
In late April, the Bitcoin community witnessed its fourth halving event, where the production of new BTC was cut in half. As many prominent Bitcoiners have pointed out, this created a supply shock.
Fidelity ETF beats BlackRock (NYSE:) ETF
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Grayscale has recorded positive inflows for three consecutive days. The largest single-day inflow on Friday was witnessed by Fidelity, as the ETF outperformed BlackRock's fund with $38.1 million in Bitcoin, resulting in $99.4 million in Bitcoin.
This article was originally published on U.Today
