In his latest post on the X platform, Michael Saylor stated that Bitcoin provides a global, affordable, simple and secure savings account, particularly for the billions of people who do not have the option or desire to manage their own hedge fund.
#Bitcoin is a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple, & secure savings account to billions of people that don't have the option or desire to run their own hedge fund. https://t.co/kZl3k7Tm4h
— Michael Saylor⚡️ (@saylor) April 5, 2024
His message comes after BlackRock's adding major U.S. banks as participants in its spot Bitcoin exchange-traded fund (ETF).
Walls Street is bullish
BlackRock updated its Bitcoin ETF prospectus on April 5, adding major Wall Street firms such as ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs and UBS Securities as new authorized participants.
These major firms join others like JPMorgan Securities, Jane Street Capital, Macquarie Capital and Virtu Americas as authorized participants. Authorized participants play a critical role in the ETF operational mechanism by facilitating the creation and redemption of ETF shares.
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This process involves exchanging ETF shares for a corresponding basket of securities reflecting the ETF’s holdings or exchanging them for cash.
The news helped the BTC price to rebound after a major drop earlier this week.
Source: CoinMarketCap
On Thursday, Bitcoin spot ETFs saw a total net inflow of $213 million, marking the third consecutive day of net inflows. This adds to a spike in trading volume that Bitcoin ETFs saw in March, reaching over $111 billion.
MicroStrategy's potential breakthrough
MicroStrategy, known as the world’s largest corporate Bitcoin holder, owning almost 200,000 BTC, experienced a significant decline in its share price, dropping over 25% this week. This decline in MSTR's stock price closely aligns with the recent slump in Bitcoin (BTC) prices.
There will never be more than 276^3 #bitcoin.
— Michael Saylor⚡️ (@saylor) April 2, 2024
Despite MicroStrategy's substantial Bitcoin purchases, its stock price had been outperforming Bitcoin by a wide margin. While Bitcoin's price increased by 50%, MSTR's stock price surged by an impressive 150% before the recent correction began.
A long-time proponent of Bitcoin, Michael Saylor has been vocally bullish on the cryptocurrency, despite its recent high volatility. He reiterated his commitment to Bitcoin, stating that he plans to continue purchasing the cryptocurrency “indefinitely.”
