The well-known Bitcoin advocate and the CEO of Nasdaq-listed MicroStrategy, Michael Saylor, tweeted that the flow of money from real-world conventional assets into Bitcoin (BTC) is neither a bubble nor a rally but a chain reaction. Due to Microstrategy’s massive investments in Bitcoin, the now trending CEO stated this on Twitter, in his usual bid to advocate for the adoption of Bitcoin. The CEO said that the flow of money from conventional assets into bitcoin is significantly driven by the increasing risk of global currency devaluation.
Money is flowing out of conventional assets into #Bitcoin due to the escalating risks of global currency devaluation, technology disruption, social dislocation & political uncertainty. This is not a “rally” or “bubble” – it’s a chain reaction spreading like a fire in cyberspace.
— Michael Saylor (@michael_saylor) December 22, 2020
MicroStrategy invested over a billion dollars in BTC.
As reported earlier, MicroStrategy purchased an additional approximately 29,646 bitcoins for approximately $650.0 million in cash this month. It is one of the largest independent publicly-traded business intelligence companies. The business intelligence company currently holds an aggregate of approximately 70,470 bitcoins, which were acquired at an aggregate purchase price of approximately $1.125 billion. According to MicroStrategy’s CEO, the global currency devaluation risk has been fueled by the continuous rollout of COVID-19 stimulus packages. Saylor believes this trend is not ending anytime soon.
Bitcoin continues to hover around $23,000.
Michael Saylor has been making constant bullish calls on Bitcoin and its prospects, a move that appears to be attracting more retail and institutional investors to pump liquidity into the leading cryptocurrency that has rallied at least 215% in the past year. At the time of writing, the price of bitcoin is hovering just above the $23,000 mark. Bitcoin witnessed a massive rally this month when its price reached above $24,000 for the first time in its history. Earlier this year, the price of bitcoin had reached as low as $4,000 in March before making a recovery to new all-time highs this month.
