• Michael Saylor, in an interview with CNBC, highlighted the ETFs’ impact on bitcoin demand, citing its novelty and digital nature.
  • Saylor said MicroStrategy would rebrand as a bitcoin-development company due to the success of their crypto focus.

BTC Price Index and Live Chart – CoinDesk”>(BTC) exchange-traded funds (ETFs) is pushing up the token’s price as there is a massive imbalance in the crypto’s supply and nearly a decade of pent-up demand for a retail accessible BTC product.

He said in an interview with CNBC that there was ten times more demand for bitcoin from these ETFs than the supply of the miners, who are the natural sellers.

He continued, “There is a ten-year-old pent up demand for these ETFs. And finally, mainstream investors can access bitcoin. I believe that’s what’s driving capital surge in this asset class.”

Saylor explained that bitcoin is in high demand because it is “uncorrelated with traditional risk assets” and does not expose investors to any particular country, company, or quarterly results product cycle competitor. It also doesn’t involve exposure to weather, war, or employee bases.

Saylor said MicroStrategy would rebrand as a bitcoin-development company to reflect its strategy of accumulating more bitcoins and promoting the growth of Bitcoin’s network.

He said, “It was a natural choice for us due to the success of our Bitcoin strategy and the unique position of being the largest public company in the world that holds bitcoin.”

Saylor said that MicroStrategy’s model is more flexible than an investment trust. It allows the company to create software, generate cashflow, leverage the capital markets, accumulate bitcoin for its investors, and promote the Bitcoin network.

He said that it was logical to refer to himself as a Bitcoin development company, and compared the company to one involved in real estate development or petroleum exploration.

Parikshit Miishra is the editor.