BTC-Newswire

Wall Street ‘loves Bitcoin’ – What execs say about the $50k price pump

Press Releases Crypto News AMB-Crypto Wall Street ‘loves Bitcoin’ – What execs say about the $50k price pump

Bitcoin sparks optimism as it records new highs after two years.
BTC ETF becomes a favorable asset on the Wall Street.

Bitcoin’s [BTC] price hit $50,000, reaching its highest level in over two years. Meanwhile, U.S. tech company MicroStrategy surged nearly 11% on the 12th of February mirroring the king coin’s hike. The company is known for its support for Bitcoin and holds about 190,000 BTC worth around $8 billion

According to Michael Saylor, Co-Founder of MicroStrategy, this milestone is a testament to Bitcoin’s growing popularity as the most sought-after digital asset. During a CNBC TV interview, Saylor highlighted Bitcoin’s unique appeal,

“It’s novel, it’s digital, it’s global, it’s unique, and it’s uncorrelated to traditional risk assets because it doesn’t come with exposure to any given country, current company, quarterly result, product cycle, competitor not to weather not to war not to an employee base or supply chain.”

This independence from conventional market influences makes Bitcoin an attractive addition to investment portfolios.

Pent-up demand for Bitcoin

Saylor emphasized that there has been a decade of accumulated demand for BTC exchange-traded funds (ETFs). This anticipation has now been met, allowing mainstream investors access to Bitcoin.

He elaborated that initially, there was a period of rebalancing, during which investors shifted their capital among futures markets, miners, MicroStrategy, and ETFs.

After this rebalancing phase, the assets stabilized, and investors started to recognize that the demand for Bitcoin via these ETFs is tenfold higher than the supply provid

Go to Source to See Full Article
Author: Kamina Gilani

Did you like this?
Tip BTC Newswire with Cryptocurrency