U.Today – Michael Saylor, founder of business intelligence giant MicroStrategy, has made a fundamental statement about what happens when fiat money continues to win. Essentially, Saylor tweeted that Bitcoin saves investors’ money from depreciation, again reminding them of its status as a store of value.
Meanwhile, the world’s flagship cryptocurrency regained its $67,000 price line on Friday and then rebounded again after a minor rebound earlier today.
Michael Saylor’s profound statement on BTC and fiat
The leading cryptocurrency is now widely regarded as a store of value not only by Bitcoin maximalists such as Saylor and Max Keiser, but also by many financial institutions. Since the beginning of the year, demand for Bitcoin has skyrocketed thanks to the SEC’s approval of spot Bitcoin Exchange Traded Funds (ETFs).
In mid-January, the regulatory agency authorized the start of trading in these ETFs – a total of 11 ETFs. Since then, ten of them have begun aggressively accumulating Bitcoin, collectively purchasing around 10,000 BTC per day – or 12 times more than the miners were able to produce (900 BTC per day). As many experts have noted, ETFs have caused a demand shock. Many retail and institutional investors then followed suit and began accumulating digital gold.
In the second half of April, the Bitcoin community witnessed the fourth halving, which reduced the production of up-to-date BTC by half. This, as many high-profile Bitcoiners have noted, caused a supply shock.
Fidelity ETF beats BlackRock (NYSE:) by one
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Grayscale has recorded positive inflows for three days in a row. Fidelity saw the largest single-day inflow on Friday, totaling $99.4 million in Bitcoin, as the ETF overtook BlackRock’s fund with an inflow of $38.1 million in Bitcoin.
