Michael TaylorCEO and co-founder of business intelligence company MicroStrategy Inc., has shared his optimism about bitcoin (btc), providing key factors that will drive adoption of the crypto asset.
Michael Saylor on bitcoin adoption in 2024
Former MicroStrategy CEO Michael Saylor recently revealed the catalyst that will drive bitcoin higher in a interview with CNBC on Monday, December 18, after Saylor stated that there is a lot of uncertainty surrounding the rest of the crypto ecosystem lately.
He further added that btc is the only secure digital asset in the ecosystem, due to its universal nature. Therefore, the cryptocurrency space should feature the asset in the future in 2024.
Saylor also noted that the strategy built around bitcoin is very safe for institutions. When asked about the new regulatory rules new rules announced by the Financial Accounting Standards Board (FASB) Regarding the fair value of btc, he stated that he welcomes it.
He believes it will promote greater transparency and clarity for companies that own bitcoin. According to him, it also creates opportunities for listed companies to invest in btc as a valid asset for Treasury reserves.
The co-founder also shared key insights into the cryptoasset's price rally in the interview, which is currently up 56% since October. Saylor pointed out that the digital transformation of capital materializes in bitcoin. He further added that 99.9% of the world's capital is invested in bonds, stocks, real estate and precious metals, while 1% is invested in btc. However, he stated that people will adopt more of their equity in the token as they become educated about digital assets.
So far, Saylor believes this is what is driving the rally in crypto assets lately. He has also highlighted that if the price of btc does not reach zero, it will reach one million. Furthermore, she believes that if the token is a legitimate institutional asset, then everyone is under-dedicated to it.
btc Spot ETF contributing to recent price rally
Saylor stated that part of the recent rise in bitcoin price can be traced back to anticipation around a bitcoin Spot ETF. According to him, relaxing monetary policy is good news and inflation will drive token adoption everywhere.
He also highlighted the next reduce by half as another factor that would boost btc. He noted that with the event halving the rate of new coins being put into circulation, we are set to hit several milestones over the next six months.
He stated:
This ETF news is good news. Relaxing monetary policy is good news. Inflation anywhere in the world drives bitcoin adoption. And of course, the halving will cut the available supply of Bitcoins for sale by miners in half. And so we have a confluence of very bullish milestones over the next six months, and I think the smart money is investing in that ahead of that.
Featured image from iStock, chart from Tradingview.com
