Michael Saylor, the founder of the MicroStrategy business intelligence giant, has issued a fundamental statement about what is happening as Bitcoin continues to win against fiat money. Basically, Saylor tweeted that Bitcoin is saving investors money from depreciating, again reminding them about its store-of-value status.
In the meantime, the world’s flagship cryptocurrency reclaimed the $67,000 price line on Friday and then again recaptured it after a minor rebound that followed earlier today.
Michael Saylor’s profound statement on BTC and fiat
The vocal Bitcoin evangelist Saylor addressed his vast audience on X to tell them that Bitcoin prevents investors’ fiat money from devaluating. His message was: “If it’s not Bitcoin, your money is melting.”
If it’s not #bitcoin, your money is melting.
— Michael Saylor⚡️ (@saylor) May 17, 2024
The leading cryptocurrency becomes now widely considered as a store of value not only by Bitcoin maximalists, like Saylor and Max Keiser, but also by multiple financial institutions. Since the start of the year, the demand for Bitcoin has staggeringly increased thanks to the SEC regulator approving spot Bitcoin exchange-traded funds (ETFs).
In the middle of January, the regulatory agency granted permission for these ETFs to start trading — 11 ETFs in total. Ten of them started an aggressive accumulation of Bitcoin since then, buying together roughly 10,000 BTC per day — that was 12x what miners could produce (900 BTC per day). As many experts pointed out, the ETFs created a demand shock. Many retail and institutional investors then followed suit and began to accumulate digital gold.
In the second half of April, the Bitcoin community witnessed the fourth halving event, which reduced the production of new BTC by half. This, as many renowned Bitcoiners pointed out, created a supply shock.
Fidelity ETF beats BlackRock one
As reported by the @spotonchain analytics account on X, on May 17, the aforementioned Bitcoin ETFs saw a cumulative inflow of more than $222 million. More good news is that the inflow has been positive throughout all the current trading week, the tweet stressed, with the Bitcoin price rebounding by more than 10% over the past seven days.
🚨 $BTC #ETF Net Inflow May 17, 2024: +$222M!
• The net inflow has been positive for this entire trading week, as the $BTC price rebounded 10.3% (7D)!
• #Grayscale (GBTC) has been experiencing single-day inflows for 3 consecutive trading days.
• The highest single-day… pic.twitter.com/mR0iJw8aUG
— Spot On Chain (@spotonchain) May 18, 2024
Grayscale has been seeing positive inflows for three days in a row. The largest single-day inflow on Friday was witnessed by Fidelity — that was $99.4 million in Bitcoin as this ETF outpaced BlackRock’s fund with its $38.1 million in Bitcoin coming in.
