- Michael Saylor, co-founder of MicroStrategy, believes demand for bitcoin ETFs is 10x higher than supply due to limited availability
- MicroStrategy holds about $6 billion in bitcoin and is re-branding as a bitcoin company, indicating its corporate treasury is sufficiently exposed to bitcoin
- Saylor believes every public company will eventually hold digital assets on their balance sheet as he remains highly bullish on institutional bitcoin adoption
MicroStrategy co-founder and executive chairman says his company is re-branding as a bitcoin development company during CNBC interview.
Saylor on Bitcoin Demand vs Supply
Michael Saylor, co-founder and executive chairman of business intelligence firm MicroStrategy, believes demand for bitcoin exchange-traded funds (ETFs) is 10 times higher than supply.
“There’s only a few ETFs… and there’s hundreds of billions of dollars waiting to buy them when they’re available, so you’ve got 10 times demand chasing supply for a bitcoin ETF right now,” Saylor told CNBC’s “Squawk Box” on Tuesday.
MicroStrategy’s Bitcoin Holdings
MicroStrategy holds about $6 billion worth of bitcoin after a series of purchases starting August 2020. Saylor said his company’s transformation into a bitcoin play is “complete,” and there is little need for MicroStrategy to keep purchasing more bitcoin for its corporate treasury.
“We have more bitcoin than any other public company in the world, so our transformation is complete…We have plenty of bitcoin.”
Saylor added that he believes eventually all companies will allocate funds to digital assets.
“Every public company will soon hold digital assets on their balance sheet.”
Conclusion
Michael Saylor remains highly bullish on bitcoin’s future as an asset class and believes companies will continue allocating funds to the cryptocurrency. His statements indicate strong institutional demand that is currently outpacing the limited investment vehicles available.
