TL;DR

Michael Saylor supports Robbie Mitchnick’s (BlackRock) optimistic statements about Bitcoin.
Mitchnick describes BTC as a decentralized global asset, attractive amid the devaluation of fiat currencies.
BlackRock’s BTC ETF attracted nearly $100 million, surpassing other ETFs in the market.

Michael Saylor, co-founder of MicroStrategy and well-known Bitcoin advocate, has endorsed the recent statements made by Robbie Mitchnick, BlackRock’s head of digital assets, regarding the future of the cryptocurrency.

During his appearance on Bloomberg Crypto, Mitchnick offered a positive outlook on Bitcoin, describing it as a decentralized, scarce, and global asset that could become an international monetary alternative.

#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

Mitchnick emphasized that Bitcoin is not tied to any particular country, which makes it an appealing asset amid growing concerns over excessive money printing and the resulting devaluation of fiat currencies. According to Mitchnick, these issues, combined with the political and fiscal challenges faced by several nations, have strengthened interest in Bitcoin among investors looking for alternatives outside the traditional financial system.

In addition to highlighting its potential as a safe-haven asset during times of economic uncertainty, Mitchnick argued that BTC can also behave as a risk asset. In his view, events occur every year that impact the fundamental value of the cryptocurrency, and in 2024, several factors have boosted its value, including Bitcoin’s fourth halving and the approval of BTC exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

BlackRock Dominates the Bitcoin Market

One of the most significant developments for the cryptocurrency in recent weeks has been the SEC’s approval of BlackRock’s Bitcoin options. This achievement was well-received by the crypto community and allowed BlackRock’s BTC ETF to attract substantial capital inflows.

On September 24, the fund attracted nearly $100 million in investments, surpassing other BTC ETFs in the market. While BlackRock recorded significant capital inflows, ETFs from other companies such as Bitwise, Fidelity, and Grayscale saw considerably smaller inflows.

The increase in flows into Bitcoin ETFs reflects the institutional interest in the cryptocurrency, which is already well-established and continues to grow, driven in part by the perception that BTC could play an important role in a global economic context marked by uncertainty

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Filed under: News - @ September 25, 2024 2:24 pm