Michael Saylor Weighs in On BlackRock's Ultra-Bullish Bitcoin Statement

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Michael Saylor, eager Bitcoin proponent and cofounder of MicroStrategy business software giant, has published a tweet to support the recent statement made by BlackRock about Bitcoin that made ripples across the cryptocurrency community on Tuesday.

Saylor issued a supportive comment on what BlackRock’s head of digital assets Robbie Mitchnick said about Bitcoin and its properties during his appearance at Bloomberg Crypto.

BlackRock exec praises Bitcoin

Answering the host’s questions about retail investors getting into Bitcoin with its high volatility and questions about the prospects of its further use in the future, Robbie Mitchnick made several bullish statements on the world’s flagship cryptocurrency.

Mitchnick stated that BlackRock thinks about Bitcoin as an emerging global monetary alternative and “a scarce, global, decentralized, non-sovereign asset.” It has no risk tied to any particular country, and it is becoming particularly popular amid growing concerns about extensive money printing, fiat currency debasement and escalating political, fiscal and sustainability challenges not only in the United States but in other countries as well.

“That resonates with a lot of investors,” Mitchnick pointed out. Besides, he added, Bitcoin combines the properties of both risk-on and risk-off assets. He added that every year, two or three things happen that impact the fundamental value of Bitcoin, and this year, he believes, there were four. However, he believes that what is happening in the equities and jobs markets now has no connection to Bitcoin.

As a reminder, this year, among the key Bitcoin price drivers have been the fourth Bitcoin halving and the approval of the spot Bitcoin ETFs granted by the Securities and Exchange Commission.

Last week, BlackRock also gained the approval of its Bitcoin options from the SEC. This milestone was largely celebrated by the cryptocurrency community.

BlackRock ETF absorbs almost $100 million

After a short period of zero inflows, BlackRock’s spot Bitcoin ETF again began absorbing funds. According to analytics account @spotonchain, on Sept. 24, BlackRock’s IBIT consumed $98.9 million. That was BlackRock’s second consecutive day of positive netflows.

It surpassed the rest of the Bitcoin-based ETFs, with Bitwise, Fidelity and Grayscale lagging behind with $17.4 million, $16.8 million and a marginal $2.9 million of inflows. The other Bitcoin ETFs saw zero inflows from the market.

In total, $136 million went into the spot BTC funds on Tuesday.