Michael Saylor: The demand for a Bitcoin spot ETF is 10 times the supply, and will continue to purchase Bitcoin.

With Bitcoin breaking the $50,000 mark, it has caused a stir in the crypto community. MicroStrategy founder Michael Saylor emphasized the importance of a Bitcoin spot ETF in the continuous surge in its price, claiming that the demand for the product is ten times the supply. At the same time, the company will reposition itself as a Bitcoin development company and will be purchasing more Bitcoin.

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Michael Saylor: Demand for Bitcoin Spot ETF Far Exceeds Supply

During a recent interview with CNBC, Michael Saylor stated that there has been a suppressed demand for Bitcoin investment products from the general public, retail investors, and various institutions over the past decade. The listing of a Bitcoin Spot ETF is expected to further drive up the price of Bitcoin.

Facing what he claims is a severe imbalance in the supply and demand situation in the current crypto market, he pointed out:

The demand for Bitcoin Spot ETF purchases is 10 times the supply that global mining companies and miners can currently provide.

This echoes the bullish view of Andrew Kang, co-founder of Mechanism:

In addition to the astonishing net inflow of Bitcoin each year, the approval of a Bitcoin ETF will attract significant capital inflows from entities such as corporations and sovereign wealth funds.

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Furthermore, Michael Saylor also elaborated on the reasons why Bitcoin is currently garnering so much attention:

Bitcoin's popularity is due to its lack of correlation with traditional risk assets, specific countries or companies, as well as being unaffected by factors like wars, employees, and supply chains.

Previously, he had praised the launch of the Bitcoin Spot ETF in an interview, comparing it to the S&P 500, calling it the biggest advancement on Wall Street in 30 years.

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MicroStrategy to Undergo Brand Reshaping

Furthermore, given the company's strategy of actively acquiring more Bitcoin and promoting the growth of the Bitcoin network, Michael Saylor expressed his belief in brand reshaping, emphasizing a greater focus on developing for the Bitcoin network:

MicroStrategy's business model offers more flexibility than a trust fund, allowing us to generate cash flow through software development and utilize the capital markets to accumulate Bitcoin for our shareholders and promote the development of the Bitcoin network.

Prior to this, the company provided products and services such as business intelligence, data analytics, mobile software development, and cloud computing.

CoinShares Report: Bitcoin Spot ETF Sees Inflows of Over $1.1 Billion Last Week

Crypto asset management company CoinShares stated in a weekly report yesterday that the Bitcoin Spot ETF product attracted a significant influx of $1.1 billion last week, becoming a major choice in the crypto investment field.

Reportedly, this is the highest weekly inflow amount since the product's launch on January 11, with the total inflow reaching $2.8 billion and the total custodied Bitcoin amount reaching 192,000 coins.

Among them, BlackRock and Fidelity led other peers with inflows of $693 million and $522 million, respectively, according to fund flow data.

Currently, the global assets under management (AuM) have reached a high point since the beginning of 2022, totaling $59 billion.