MicroStrategy CEO Michael Saylor has recently tweeted his approval of BlackRock’s last positive outlook on Bitcoin. During his recent interview at Bloomberg Crypto, the head of BlackRock’s Digital Assets, Robbie Mitchnick, characterized it as a material new global monetary option.
This endorsement has led to further debate within the cryptocurrency community. BlackRock is expanding its presence in the cryptocurrency market, and Saylor’s backing is arriving at a good time for the company.
The financial giant recently got the green light from the Securities and Exchange Commission (SEC) for Bitcoin options. This can be seen with the introduction of the BlackRock spot Bitcoin ETFs, thus underlining the increasing institutional focus on digital assets.
Mitchnick highlighted Bitcoin’s key features as a global, decentralized asset without any connection to any country. This, as Mitchnick notes, makes it especially so, given the current state of the global fiat money system and political environment.
BlackRock Bitcoin ETF Leads with $98.9M Inflows
BlackRock’s physical Bitcoin ETF gained a lot of traction in the cryptocurrency market soon after its launch. On September 24, the ETF took in about $98.9 million in new money for the second day in a row. This was higher than other Bitcoin ETFs from Bitwise, Fidelity, and Grayscale, which had little to no inflows during the same week.
This is despite a short period of investment standstill, which shows that investors are returning to invest in the crypto. On Tuesday, the total capital allocated to spot Bitcoin ETFs was $136 million, with BlackRock at the forefront.
This move is considered critical to enhance the crypto’s acceptance among institutional buyers. Saylor’s support for BlackRock’s move also strengthens the case for institutional players in the crypto space.
While the sector is still developing, Bitcoin ETFs are believed to help investors gain easier access to the asset. This is a new development that illustrates the change in perception of the leading crypto among both retail and institutional investors.
Michael Saylor Backs Bitcoin’s Role in Global Finance
Michael Saylor, a well-known supporter of Bitcoin, has repeatedly explained how this digital currency can change the world. This supports his recent comments regarding BlackRock in that he remains confident about the future.
This can be seen as Saylor’s MicroStrategy, one of the biggest institutional owners of Bitcoin, and hence the commitment towards the asset. Saylor has often emphasized that the king coin can be a risk-on and risk-off asset.
He thinks Bitcoin is better than traditional fiat currencies because it is scarce and decentralized. This aligns with BlackRock’s view, especially given the global economic performance, which enhances the appeal for non-sovereign securities.
