Bitcoin represents a superior digital asset class poised to displace gold and divert capital from traditional risk ETFs due to its 24/7 global liquidity and lack of a central issuer. Michael Saylor, Executive Chairman of MicroStrategy, argues that the upcoming halving in April will create a supply-demand imbalance by cutting natural selling pressure in half, necessitating a price adjustment to meet investor demand. While spot ETFs serve as efficient "super tankers" for institutional capital, MicroStrategy functions as a high-performance "air freight" vehicle, utilizing intelligent, non-recourse leverage and convertible debt to increase Bitcoin holdings per share. This strategy provides equity investors with a unique combination of Bitcoin yield and downside protection through over-collateralized loans. Bitcoin’s fundamental utility as a programmable, ethical commodity makes it a more attractive long-term store of value than real estate, bonds, or equity, particularly as it becomes a structural component of global financial funds.
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