MicroStrategy’s CEO said the market now perceives Bitcoin as the winner


The marketplace is beginning to perceive Bitcoin as the winner, says Michael Saylor of MicroStrategy

Michael Saylor, the CEO of MicroStrategy, said that happenings in the financial sector show that the marketplace is beginning to realize that Bitcoin is the winner. Saylor made the statement during a CNBC interview that he posted on his Twitter timeline.

Bitcoin now has the support of presidential candidates

In the caption, Saylor wrote that even presidents and regulators are beginning to support Bitcoin.

“Bitcoin now has the support of presidential candidates, regulators, legislators, money managers, bankers, investors, and the general public. The future will bring a parade of positives for those intent on proliferating bitcoin as an instrument of economic empowerment,” he said.

Bitcoin support initiative by big players such as Blackrock

Saylor, who is an ardent Bitcoin enthusiast, said that recent events, such as the endorsement of Bitcoin by four presidential candidates, the first time it has happened in the history of the United States, are pointers that the cryptocurrency is gaining groundswell support from political actors. He also pointed out the announcement of Bitcoin support initiative by big players such as Blackrock, Fidelity, and Deutsche Bank this week as an indication that the marketplace now perceives Bitcoin as the winner.

Saylor said that smaller altcoins will rationalize around Bitcoin, giving the industry greater stability and prompting Wall Street to also get behind the asset class. 

Universally acknowledged digital commodity

Saylor said that the reason for the recent rally that the coin market has seen this week is that institutional investors have been eager to receive proper regulatory guidelines regarding the status of Bitcoin as an investment class and which assets are classified as securities and commodities. 

He said that Blackrock’s 99.7% ETF success rate and the increasing designation of Bitcoin as a global commodity will drive the price of the asset higher. Saylor also mentioned that Bitcoin mining reward is expected to halve again in 2024 and concluded that all these factors will drive the price of the asset even higher. 

The worst is behind us

Bitcoin is currently trading at $31,313. The cryptocurrency has gained $1,300 since the CNBC interview. It is up by about 5% in 24 hours and 22% over the course of one week.

Saylor added,

“The worst [of the bear market] is behind us. We can look forward to more positive milestones.”

Author: Kamma

Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.