Michael Saylor Weighs in on BlackRock’s Bitcoin Statement
BlackRock Exec Praises Bitcoin
Michael Saylor, a well-known Bitcoin proponent and co-founder of MicroStrategy, has expressed his support for BlackRock's recent statements on Bitcoin. This came after BlackRock's head of digital assets, Robbie Mitchnick, made significant comments during a Bloomberg Crypto appearance. Mitchnick praised Bitcoin as an emerging global monetary alternative, describing it as a scarce, global, decentralized, non-sovereign asset. This essentially means Bitcoin is unique because it's not controlled by any government, making it appealing during times of economic uncertainty.
Mitchnick's statements come amidst rising concerns about money printing and the potential devaluation of traditional currencies (also known as fiat currency debasement). He emphasized that Bitcoin resonates with many investors who are worried about these issues. According to Mitchnick, Bitcoin exhibits characteristics of both risk-on and risk-off assets, meaning it can appeal to investors looking for high returns as well as those seeking safe investments.
He noted that while several events typically affect Bitcoin's value annually, including Bitcoin halving and regulatory approvals, this year witnessed even more influencing factors. Importantly, BlackRock recently received approval from the Securities and Exchange Commission (SEC) for its Bitcoin options, a move celebrated within the cryptocurrency community.
BlackRock ETF's Impressive Inflows
In recent developments, BlackRock's spot Bitcoin ETF has seen significant fund inflows. On September 24, it absorbed nearly $99 million, marking two consecutive days of positive net flows. This achievement has outpaced other Bitcoin-based ETFs like those from Bitwise, Fidelity, and Grayscale, which have seen lesser inflows.
In total, $136 million flowed into spot BTC funds on that Tuesday, highlighting the increasing interest in Bitcoin as an asset class. This trend underscores Bitcoin's evolving role in financial markets as a preferred choice for investors looking for alternatives to traditional investment avenues.
