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The head of business intelligence giant MicroStrategy, Michael Saylor, shared a fundamental explanation of what is happening in Bitcoin‘s process of gaining against fiat currencies. Saylor emphasized that Bitcoin protects investors from devaluation and reminds them of its value as a store of value. In this process, the world’s leading cryptocurrency regained the $67,000 price level on Friday and saw this level again with a small recovery early today.
Michael Saylor’s Thought-Provoking Statement on BTC and Fiat Currencies
A vocal Bitcoin advocate, Saylor addressed a wide audience on X, emphasizing that Bitcoin prevents the devaluation of investors’ traditional currencies. His message was:
“If you don’t have Bitcoin, your money is melting.”
The leading cryptocurrency is now accepted as a safe store of value not only by Bitcoin maximalists like Saylor and Max Keiser but also by many financial institutions. Since the beginning of the year, demand for Bitcoin has increased significantly with the SEC regulator’s approval of spot Bitcoin exchange-traded funds (ETFs).
In mid-January, the regulatory body approved these ETFs to start trading. There are a total of 11 ETFs. Ten of these ETFs started an aggressive Bitcoin accumulation, purchasing approximately 10,000 BTC daily, reaching 12 times the 900 BTC that miners can produce daily. As many experts have pointed out, ETFs have caused a significant increase in demand. Both individual and institutional investors began investing in Bitcoin by following the same path to accumulate BTC.
In the second half of April, the Bitcoin community witnessed the fourth halving event. This halved the production of new Bitcoin. As noted by many well-known Bitcoin investors, this created a supply shock.
Fidelity’s Bitcoin ETF Surpasses BlackRock
According to the @spotonchain analytics account on X, on May 17, the aforementioned Bitcoin ETFs recorded a cumulative inflow of over $222 million. However, more importantly, the Tweet highlighted that this inflow was positive throughout the current trading week, with Bitcoin prices recovering by more than 10% in the last seven days.
Grayscale showed consecutive positive inflows over the past three days. On Friday, the largest single-day inflow was made by Fidelity. Accordingly, this ETF surpassed BlackRock’s fund with a $38.1 million Bitcoin inflow, contributing $99.4 million to Bitcoin.
