Nasdaq-listed company MicroStrategy sees “evidence of enormous institutional adoption” of bitcoin. The firm cited a variety of reasons, including “circumstances and currency volatility” in Turkey, South America and Africa – “all of which have increased institutional awareness of bitcoin.”
Microstrategy Outlines the Future Outlook for Bitcoin
Nasdaq-listed software company Microstrategy discussed bitcoin’s future outlook during the company’s Q1 earnings call on Wednesday.
“With regard to bitcoin’s outlook, I think the asset class has evolved and matured over the past 12 months,” Microstrategy CEO Michael Sayer elaborated:
I see evidence of a lot more institutional adoption, more adoption among macro and other hedge funds.
“We’ve made a lot of progress with corporations,” he continued. “There will be 24 publicly traded bitcoin miners by the end of the quarter, so there are a lot of publicly traded companies in the bitcoin space.”
Sayler also predicted that “more and more publicly traded companies hold bitcoin on their balance sheets, with greater public investor bitcoin exposure, more banks bitcoin acquisition and trading and custody services, greater regulatory awareness and More clarity as to how the entire crypto industry is going to evolve.”
The pro-Bitcoin executive outlined a number of developments raising bitcoin awareness. “Several macroeconomic developments have increased the stature and awareness of businesses and investors in the rest of the world to bitcoin,” Sailor said, noting:
The situation and currency volatility in Turkey, currency volatility in South America, currency volatility in Africa, all these things have increased institutional awareness of bitcoin.
In addition, “the volatility of the capital market, the volatility of equities, the volatility of the S&P index, the Nasdaq, the volatility of the big tech stocks, all these things have increased the awareness of mainstream investors to bitcoin,” Sailor described.
The MicroStrategy CEO further elaborated: “There is a growing sense that we see in the mainstream that bitcoin is here to stay. The crypto economy represents a great opportunity for the whole world. And politicians and investors and corporations are talking about that. are working diligently to understand what this means and how they should adjust their practices.” Sayer concluded:
We look forward to the next wave of institutional adoption, which I think should be fueled as people become more educated and more aware of what digital assets are all about.
This week, Microstrategy bought 660 more bitcoins, increasing the company’s crypto holdings to approximately 125,051 BTC.
Do you agree with Michael Sayer about the future outlook for bitcoin? Let us know in the comments section below.
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