The Weekly - Issue No. 24 - Hallo sahabat
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The Weekly - Issue No. 24
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The Weekly - Issue No. 24
Michael Saylor, CEO of MicroStrategy, was on record bashing Bitcoin. | THE WEEKLY – ISSUE NO. 24September 21, 2020
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| Michael Saylor, CEO of MicroStrategy, was on record bashing Bitcoin back in 2013. Fast-forward 7 years and he recently announced the purchase of more than $400M Bitcoin as a strategic investment and hedge against the risk of inflation.
Price movements from MicroStrategy's large BTC purchase were minimal, which goes to show how liquid this asset is, but also gives a signal to the market that institutions and large companies are finally jumping into Bitcoin. This time, institutions are not just buying into the DLT (distributed ledger technology) narrative but skipping over to crypto assets entirely.
We believe that MicroStrategy is the first of many large companies and institutions to make a similar purchase and declaration. It's always risky to be first, but, given the current global economic situation and fundamental risks, the time for Bitcoin seems near. Given the limited supply of coins, having a first-mover advantage goes a long way when trying to secure a large position.
While this first large publicly declared position may have not done a lot to impact price, it removed 30,000+ BTC from circulating supply. We anticipate many similar buys over the coming years, which will quickly account for a large % of the circulating supply, making it easier for price to move higher.
Read about this and more in The Weekly - Issue No. 24. |
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| DISCLAIMER
This commentary is provided as general information only and is in no way intended as investment advice, investment research, a research report or a recommendation. Any decision to invest or take any other action with respect to the securities discussed in this commentary may involve risks not discussed herein and such decisions should not be based solely on the information contained in this document. Past performance is not indicative of future results.
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