According to CoinDesk, during a CNBC interview, Michael Saylor, MicroStrategy's co-founder and executive chairman, highlighted the ETF-driven demand surge for bitcoin, citing its novelty, digital nature, and global appeal. Saylor also said that MicroStrategy will be re-branding into a bitcoin development company, given the success of its crypto focus. He explained that the recent listing of bitcoin exchange-traded funds (ETFs) is pushing up the token's price as there is a massive imbalance in the crypto's supply and nearly a decade of pent-up demand for a retail accessible BTC product.
"There's ten times as much demand for bitcoin coming into these ETFs as there is supply coming from the natural sellers who are the miners," Saylor said. He added that mainstream investors are finally able to access bitcoin, driving the surge of capital in the asset class. Bitcoin is in demand because it's uncorrelated to traditional risk assets and doesn't come with exposure to any given country or company, according to Saylor.
Saylor also revealed that MicroStrategy will be re-branding to a bitcoin development company, reflecting its strategy to accumulate more bitcoin and promote the growth of the Bitcoin network. He compared this move to a real estate or petroleum development company and said that MicroStrategy's model offers greater flexibility than an investment trust, enabling the company to develop software, generate cash flow, leverage the capital market, and accumulate bitcoin for its shareholders while fostering the Bitcoin network.
