Cryptocurrency News

Michael Saylor Says Decline In Fiat Drove Bitcoin Adoption High

In a recent tweet which caused an uproar on popular social media, Twitter two days, Micheal Saylor, Bitcoin analyst and advocate, and also the CEO of Nasdaq-listed firm, Microstrategy, tweeted that he believes that the flow of funds from known traditional assets like Gold, to digital assets like Bitcoin, is neither a rally nor a bubble but a chain reaction.

In his tweet, the CEO also concedes that the devaluation and depreciation of local currencies are driving investment into BTC. The currencies of the most economically buoyant nation have faced depreciation due to the COVID-19 pandemic. With inflation at an all time high, investors have been forced to turn to digital assets to salvage their funds. Saylor’s statement is believed to have been fuelled by his company’s investment in Cryptocurrencies, and he is a strong advocate of BTC.

Micheal Saylor is a firm admirer of BTC and does not hide it

The multi-millionaire and his Company, Microstrategy, continue to commit to Bitcoin with their investments, a measure which shows full adoption of the cryptocurrency by Saylor. Saylor is a full advocate of Bitcoin, and his known not to hide his passion for cryptocurrency.

Earlier last week, Saylor responded to a tweet from the CEO of Tesla, Elon Musk, by suggesting to Musk that he should do his shareholders a “$100 billion favor” and convert the Tesla balance sheet from US dollars to bitcoin. With Musk quizzing him about the size of transactions in BTC, Saylor explained to Musk how he’d purchased over $1.3 billion in bitcoin in the past months, and he’s “happy to share” his playbook with him offline.

Microstrategy and Saylor continue to commit to BTC

Earlier in the month, Saylor’s company, Microstrategy, committed about 29,646BTC (approximately $650.0 million in cash) to Bitcoin. The business intelligence company, one of the largest independent publicly-traded firms globally, currently holds about 70,470 bitcoins, which were acquired at a gross purchase price of approximately $1.125 billion.

This bullish investment further signifies the lofty expectations and faith expressed by Saylor in BTC. According to the CEO, the global currency devaluation risk has been fueled by the continuous rollout of COVID-19 stimulus packages, which Saylor does not expect to end anytime soon.

Bitcoin going strong

The leading cryptocurrency continues to go strong despite a recent dip in prices. The constant bullish calls made by BTC advocates like Saylor in the past few weeks have seen the crypto witness a massive influx of investors into its network. BTC, which traded as low as $4,000 earlier in March, has witnessed a price surge of above $24,000 this month. The analyst believes that the cryptocurrency, which hovers around the $23,000 mark, will end the year above $24,000.

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