U.Today – MicroStrategy Founder and CEO Michael Saylor has finally commented on BlackRock’s (NYSE:) recently released white paper. Saylor’s comments come after popular figures like Bloomberg’s Senior ETF Analyst Eric Balchunas highlighted BlackRock’s Bitcoin white paper.
Michael Saylor’s Support for BlackRock Bitcoin Whitepaper
Turning to the X platform, Saylor stated, “For investors, #Bitcoin is a unique diversifier.” Saylor describes the Bitcoin white paper as an excellent research paper, articulating the value of Bitcoin and debunking popular misconceptions.
In the post, X highlighted the whitepaper and encouraged his followers to read it. Saylor’s comments further demonstrate his commitment to the Bitcoin (BTC) ecosystem. A robust Bitcoin advocate, Saylor began investing in the coin in 2020 through his company MicroStrategy.
As previously reported by U.Today, MicroStrategy currently holds 1.17% of all Bitcoin. The company has been steadily increasing its Bitcoin holdings, which are larger than most ETFs on the market.
BlackRock Bitcoin White Paper Details
BlackRock’s Bitcoin whitepaper, “Bitcoin: A Unique Diversifier,” provides an in-depth analysis of Bitcoin’s path to a $1 trillion market cap. The nine-page document notes that Bitcoin’s appeal to investors lies in its detachment from established risk-return factors.
It further shows that Bitcoin has outperformed all major asset classes in seven of the last ten years, generating annualized returns of almost 100%. According to BlackRock, these results were achieved despite Bitcoin being the worst performer in three of those years. Interestingly, Bitcoin has experienced four declines of more than 50%.
The white paper further emphasizes that concerns about geopolitical, fiscal, and monetary stability will likely impact Bitcoin’s adoption trajectory. Despite this, the white paper states that Bitcoin remains a high-risk asset subject to volatility and regulatory challenges.
At the time of writing, BTC is trading at $63,444, up 1.08% over the past day. However, trading volume indicates reduced investor sentiment, with a 24-hour decline of 12.15%.
