Bitcoin Now Has The Support Of Presidential Candidates

Michael Sala is co-founder and executive chairman at Microstrategy.

Michael, good to have you with us.

Your Polish on Bitcoin, are we looking at a Bitcoin-centric future?

I think so.

I think you've got four presidential candidates endorsing Bitcoin.

That's unprecedented in the history of the United States.

And you've got BlackRock, Fidelity, Citadel, and Charles Schwab,

Credit AgriCole, Bank of Santander, and Deutsche Bank.

All announcing Bitcoin support initiatives this week.

And I think that the marketplace is starting to perceive

the Bitcoin as the winner.

The crypto industry is going to rationalize around Bitcoin.

And all of the Wall Street firms and mainstream investors

are going to start to get behind this new asset class.

A lot of people say, of course, regulation is going to be key.

In terms of clarity, what can you tell us is happening in this space?

And how much higher could Bitcoin go to?

Well, I've read thousands and thousands of pages

of legal pronouncements related to the crypto industry.

And the one thing that is very clear is that Bitcoin

is the universally acknowledged digital commodity.

And so if you're going to actually see the entire crypto market,

go to the next level and build around a global asset,

then Bitcoin is that asset.

All of the mainstream investors, the institutional investors,

they want regulatory clarity.

And that clarity is which of these assets is a commodity,

as opposed to security.

And Bitcoin clearly is that commodity.

And then they want to know that they can actually custody it

in a safe custodian and they can trade it on a safe exchange.

And they're going to get the endorsement of the CFTC and the SEC.

And that's exactly what the news of this week is about.

And that's why you see the rally.

Yes, I got a rally.

We've got BTC at about just over 30,000 coin right now, Michael.

And next whole month ahead, you think you're going to be pretty bullish

for BTC.

A bit of a number of tailwinds walk and talk us to each of these tailwinds.

What is going to drive it even higher and how much higher?

Sure. Well, you know, the last 12 months were difficult.

But two things that happened, we saw a meltdown of all of the Bitcoin short sellers.

They all went bankrupt or they went out of business.

So anybody that allowed you to short sell Bitcoin is out of the market going forward 12 months.

The Wildcat crypto exchanges are coming into line.

And that means it's one more or one last way to manipulate the price of Bitcoin down.

I think people are looking forward to the Bitcoin having an early 2024

where the daily supply being sold in the market by the miners will be cut in half.

I think the regulatory clarity and the designation of Bitcoin as a global digital commodity

and the acceptance of that throughout Europe and Asia and the United States,

that's a big tailwind.

Asby has been working on normalizing and accounting and adopting fair value accounting

for digital assets and we expect that toward the end of this year, that's going to be a really

nice tailwind for the asset. It removes a negative for a CFO of a public-traded company

from putting on their balance sheet. And then of course this black rock news this week,

black rock's got a 99.7% success rate in ETFs. And I think the writing on the wall there is the

SEC denied the last set of ETFs because they wanted to see a regulated exchange that they could

support. And when EDX came out this week and you combine that with the black rock news

and you combine that with the other five firms that announced their own refiling of ETFs

for spot Bitcoin, I think that's a really bullish line for institutional investors. So you put all

those things together and then you know we're advancing strongly after off the 200 week simple moving

average which is about 26,500 a Bitcoin. You can see that I think the worst is behind us.

There's a strong base in and there's a lot of positive milestones we can look forward to in

the coming 12 months.