Microstrategy CEO on Mainstream Bitcoin Adoption: ‘I See Evidence of a Lot More Institutional Adoption’
The Nasdaq-listed company Microstrategy sees “evidence of a lot more institutional adoption” of bitcoin. The firm cited various reasons including “The circumstances and the currency volatility” in Turkey, South America, and Africa — “all of these things have elevated institutional awareness of bitcoin.”
Microstrategy Outlines Future Outlook for Bitcoin
The Nasdaq-listed software company Microstrategy discussed the future outlook for bitcoin during the company’s Q1 earnings call Wednesday.
“With regard to the outlook for bitcoin, I think that in the past 12 months, the asset class has evolved and matured,” Microstrategy CEO Michael Saylor explained, elaborating:
I see evidence of a lot more institutional adoption, greater adoption amongst macro and other hedge funds.
“We’ve made great progress with corporations,” he continued. “There will be 24 publicly traded bitcoin miners by the end of the quarter, so lots of publicly traded companies in the Bitcoin space.”
Saylor also predicted that there will be “more and more publicly traded companies holding bitcoin on their balance sheets, more and more public investors with bitcoin exposure, more banks rolling out bitcoin acquisition and trading and custody services, more regulatory awareness and more clarity as to how the entire crypto industry is going to evolve.”
The pro-bitcoin executive proceeded to outline many developments that have raised bitcoin awareness. “Many of the macroeconomic developments have elevated the stature and the awareness of businesses and investors in the rest of the world to bitcoin,” Saylor said, noting:
The circumstances and the currency volatility in Turkey, the currency volatility in South America, the currency volatility in Africa, all of these things have elevated institutional awareness of bitcoin.
In addition, “the capital market volatility, the volatility of equities, the S&P index, the volatility of Nasdaq, of big tech stocks, all of these things have elevated mainstream investors’ awareness to bitcoin,” Saylor described.
The Microstrategy CEO further detailed: “There’s a growing sentiment that we see across the mainstream that Bitcoin is here to stay. The crypto economy represents a great opportunity for the entire world. And politicians and investors and corporations are working diligently to come to terms on what this means and how they should adjust their practices.” Saylor concluded:
We look forward to the next wave of institutional adoption that, I think, should be driven as people get more educated and more aware of what digital property is.
This week, Microstrategy bought 660 more bitcoins, raising the company’s crypto holdings to about 125,051 BTC.
Do you agree with Michael Saylor about the future outlook for bitcoin? Let us know in the comments section below.