The founder and executive chairman of enterprise software company MicroStrategy says demand for Bitcoin (BTC) is outpacing supply.
In a new interview on CNBC Television, BTC firebrand Michael Saylor says the adoption of Bitcoin Exchange-Traded Funds (ETFs) on the US spot market has led to a surge in demand for the flagship digital asset.
“There has been pent-up demand for ten years. People have been waiting for these ETFs. And finally, mainstream investors have access to Bitcoin.
And I think that’s what’s driving the capital appreciation in this asset class. Initially there was a rebalancing as people moved capital between the futures market and the miners and MicroStrategy and the ETFs.
But after that rebalancing, I think the asset has found its footing and now people are starting to realize that there is ten times as much demand coming in for Bitcoin through these ETFs as there is supply coming from the natural sellers, the miners.”
Spot Bitcoin ETFs give investors exposure to the crypto king without having to actually purchase the asset itself. They were approved by the US Securities and Exchange Commission (SEC) in January.
According to Saylor, the top crypto asset has become “the most popular investment asset in the world” as measured by market capitalization.
“[Bitcoin] it’s new, it’s digital, it’s global, it’s unique. And it is not correlated with traditional risk assets because it does not involve exposure to any particular country, currency, company, quarterly earnings, product cycle or competitor.
Not against the weather, not against war, not against an employee base or supply chain. And that makes it a natural addition to the portfolio of a responsible investor.”
Bitcoin is trading at $49,554 at the time of writing, up about 17% in the past seven days.
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