MicroStrategy CEO: „Bitcoin is like LeBron James
MicroStrategy CEO Michael Saylor compares the development of Bitcoin to that of basketball star LeBron James.
In an interview with German financial expert and non-fiction author Marc Friedrich, MicroStrategy CEO Michael Saylor emphasised that the criticism of Bitcoin (BTC), which was still valid in 2015 and 2017, is now no longer valid.
Since 2017, Bitcoin has made significant progress Bitcoin News Trader in terms of infrastructure, fundamentals and adoption. In addition, and probably for this very reason, more and more institutional investors have invested in BTC this year as a store of value and a hedge against inflation.
While 2017 was still cited as a major criticism that the crypto currency would fluctuate too much and could possibly fall to zero, Saylor sees the development over the past three years as a sufficient counter-argument that this criticism will fizzle out.
The head of MicroStrategy exemplifies this with the successful basketball player LeBron James, who is repeatedly traded as the heir to the legendary Michael Jordan. As Saylor points out in his analogy, even James, despite his great talent, would have had to go through a process of maturation before success could be achieved:
„I also think it is important to address the concerns and concerns of those in the crypto community who fear that Bitcoin is too risky, too volatile or could even go to zero. These people are still living in 2012, 2015 or 2017, and I will respond to them with this example: LeBron James already played basketball between the ages of 9 and 18, when he was very talented but volatile and volatile. Then, when he grew up, he destroyed every one of his opponents between the ages of 18 and 28“.
Tonight 7pm CET @michael_saylor from @MicroStrategy about #bitcoin, #bitcoin, #bitcoin, #gold, #xrp and much more (mostly #bitcoin).
Tune in: https://t.co/L9PMOtdcKR pic.twitter.com/2itjTLaZAh
– marrrrrrc friedrich (@marcfriedrich7) December 3, 2020
One of the most important developments Bitcoin has made since 2017 is the significant expansion of the market.
While three years ago, crypto trading platforms such as BitMEX, which specialise in private investors, dominated the derivatives trading market on their own, the picture has changed.
As Cointelegraph reported, the large Chicago Mercantile Exchange (CME) options exchange, which targets institutional investors, now has a trading volume similar to that of crypto-trading platforms for retail investors. For example, CME Bitcoin futures had $1.14 billion of open interest on 4 December, higher than Binance Futures, Bybit, Huobi and BitMEX.
The on-chain data also shows that more and more large transactions are being made on the Bitcoin block chain, further evidence of the increased interest of institutional investors.
According to IntoTheBlock, the number of transactions worth more than $100,000 has doubled in the last two years. From this, the crypto-market researchers conclude, increasing activity by institutions.
Not only has the number of large transactions increased considerably, but also their volume has risen noticeably, the analysts write:
„The number of transactions of over 100,000 US dollars per day on the Bitcoin block chain has more than doubled compared to the previous year. In addition, the total volume moved in these transactions has increased more than six times over the same period“.
The increased interest of the institutions is an important driving force, which on the one hand ensures high capital inflows and on the other hand consolidates the perception of the crypto currency as a legitimate investment product in the mainstream. As Saylor noted in the interview, Bitcoin has thus taken a decisive step that now provides it with the basis for writing a similar success story to LeBron.