"Saylor: BlackRock, Citadel, Fidelity to Boost Bitcoin to $1M

Cryptoglobe
Cryptoglobe

28 Jun 2023 1:36 PM

MicroStrategy's Michael Saylor predicts Bitcoin's rise to $1M, driven by institutional adoption from BlackRock, Citadel, and Fidelity in a recent interview....

  • Michael Saylor, Co-Founder and Executive Chairman of MicroStrategy Inc., discussed the increasing adoption of Bitcoin by major financial institutions and its potential benefits as a form of sound money.
  • Saylor emphasized the need for a wider range of institutions to adopt Bitcoin, not just early adopters, and highlighted the importance of large banks and institutional investors in providing the necessary infrastructure.
  • He mentioned the involvement of entities like Deutsche Bank and Credit Agricole, as well as the significance of BlackRock endorsing Bitcoin through an ETF application.
  • The denial of 20 spot ETFs by the SEC and the announcement of the EDX exchange, backed by major Wall Street firms, were also discussed.
  • Saylor believes that the availability of a spot ETF is a significant milestone for institutional adoption and mentioned four milestones that will drive mainstream adoption of Bitcoin: availability of a spot ETF, recognition of Bitcoin as an asset class, normalization of accounting through fair value accounting, and the Bitcoin halving.
  • He concluded with a bullish outlook, stating that these developments will drive mainstream adoption of Bitcoin and potentially send its value to $1,000,000.

The overall sentiment of the article is positive, as it highlights the increasing adoption of Bitcoin by major financial institutions and the potential benefits it brings. The interviewee, Michael Saylor, expresses a bullish outlook on the future of Bitcoin and its mainstream adoption.

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