- Michael Saylor tweeted in support of BlackRock’s positive outlook on Bitcoin, hence further showing confidence in Bitcoin’s future.
- BlackRock recently got approval from the SEC for Bitcoin options, indicating a rising institutional interest in digital assets.
- In an interview with Bloomberg, Robbie Mitchnick said that Bitcoin is a new type of monetary system.
Michael Saylor, MicroStrategy’s CEO, has publicly endorsed BlackRock’s Bitcoin optimism on Twitter. In a Bloomberg interview, BlackRock’s Digital Assets head, Robbie Mitchnick, referred to it as a new, significant global currency choice.
#Bitcoin is an emerging global monetary alternative; a scarce, global, decentralized, non-sovereign asset. – Robbie Mitchnick, @BlackRock Head of Digital Assets pic.twitter.com/ZOkq2Whzqt
— Michael Saylor⚡️ (@saylor) September 24, 2024
Due to this acceptance, controversy has sparked within the cryptocurrency community. BlackRock is gradually advancing its position in the cryptocurrency market, while Michael Saylor’s support is timely.
The financial giant recently received approval from the Securities and Exchange Commission (SEC) on Bitcoin options. This can be seen with the emergence of the BlackRock spot Bitcoin ETFs. It supports the narrative of institutional adoption of cryptocurrency.
According to Mitchnick, Bitcoin operates as a global and decentralized currency without affiliation with a particular country. He pointed out this is particularly the case given the current state of the global fiat money system and political climate.
BlackRock’s Bitcoin ETF Attracts $98.9 Million Inflows, Leading The Market
The physical Bitcoin ETF launched by BlackRock received much attention in the crypto market shortly after it was launched. The next day, September 24, the ETF attracted around $98.9 Million inflows.
This was significantly higher than other Bitcoin ETFs from Bitwise, Fidelity, and Grayscale. It received little to no inflows during the same period.
This is even after a short period when investors didn’t invest in crypto, which means investors are returning to invest. The total capital invested in spot Bitcoin ETFs was $136 Million on Tuesday, led by BlackRock.
This is a major step towards increasing the use of crypto among institutional investors. This support from Saylor for BlackRock’s Bitcoin optimism means that institutional players in the crypto space were also valid.
Michael Saylor Stands Behind Bitcoin’s Influence on Global Financial Markets
Here, it is necessary to address Michael Saylor. He has been one of the most active advocates of Bitcoin and has often described how this digital currency can revolutionize the world.
According to him, Bitcoin is superior to traditional financial currencies since it is scarce and not controlled by a central authority. This aligns with BlackRock’s Bitcoin optimism, particularly considering the global economic trends. It boosts the demand for non-sovereign securities.
Bitcoin (BTC) At Press Time
Bitcoin (BTC) was trading at $63,930 at press time, with an intraday change of over 0.48%. It boasts a market cap of $1.27 Trillion and has a circulating supply of 19.76 Million.
The ongoing price action indicated that Bitcoin (BTC) is preparing for an upsurge and could revisit its ATH mark in the coming sessions. It might gradually increase its gains as it comfortably rests above the $62k mark. Furthermore, it could spree gains toward the $70k mark by October 2024.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
