Strategy chair Michael Saylor says Bitcoin will gain after “macro headwinds” subside as treasury companies and ETFs put upward pressure on the cryptocurrency.
Bitcoin will start to gain again toward the end of the year, after facing upward pressure from growing corporate and institutional interest, says Strategy executive chairman Michael Saylor.
Saylor told CNBC’s Closing Bell Overtime on Tuesday that corporate adoption of Bitcoin (BTC), along with the consistent acquisition of Bitcoin by large exchange-traded fund (ETF) funds on behalf of institutional investors, is taking up all the natural supply.
Saylor added that “companies that are capitalizing on Bitcoin are buying even more than the natural supply being created by the miners,” which is “putting upward pressure on the price.”
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