- Michael Saylor declares there will be thousands of Bitcoin treasury companies.
- He says this is inevitable as global adoption grows.
- Much like thousands of banks exist today, BTC treasuries will play a big part in the future.
The crypto market waits to see how the aftermath of the Fed rate cut announcement will affect crypto prices in the coming days ahead. Differing views take over crypto community discussions, as traders wait to see a bullish or bearish response. Amid the noise, Michael Saylor makes a bullish speech on the long-term applications of Bitcoin (BTC). In detail, Michael Saylor declares there will be thousands and thousands of Bitcoin Treasury companies.
Michael Saylor Declares There Will Be Thousands of Bitcoin Treasuries
This bull cycle saw an increase in BTC accumulation from several new players joining the BTC accumulation race. The race began last bull cycle, when El Salvador’s President, Nayib Bukele, made Bitcoin a legal tender within its borders. Inspired by the visionary move of holding Bitcoin before it became a truly mainstream financial asset, Strategy’s Michael Saylor looked into the philosophy of Bitcoin, and what he learnt changed his life.
Strategy, under Michael Saylor’s leadership, went on to become one of the biggest BTC holders to date. Much like El Salvador, Saylor and Strategy continue to heavily and aggressively accumulate BTC whenever the market provides an opening. Presently, Strategy holds a total of 638,985 BTC worth around $73.4 billion. This places the average price of $73,913 per Bitcoin the entity holds.
Bitcoin Is Bullish Long-Term
In total, Strategy has spent over $47.2 billion to buy all this BTC, meaning almost $30 billion is held as BTC gains. Even now, Saylor shows no signs of slowing down his BTC accumulation efforts and continues to raise funds to buy more BTC periodically. He says that when BTC goes to a million, he will continue to buy more BTC. His promise to never sell BTC is a huge anchor to BTC holding its value.
This bull cycle, several more entities joined the BTC accumulation race. To name a few, Metaplanet, BlackRock, Fidelity, Grayscale, VanEck, and several more have been buying more and more Bitcoin almost every day. Eventually, Bitcoin will experience a major supply shock, which will propel the price of BTC to a much higher ATH price in the coming months, and possibly years ahead, if entities choose to hold for longer.
As we can see from the post above, Saylor states that there will be thousands and thousands of Bitcoin treasury companies in the years to come, just like there are thousands of banks at the moment. He goes on to explain why this is inevitable and goes on to conclude saying the BTC demand is exploding and the price of BTC will only go higher as global adoption increases.
