Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
Michael Saylor, one of Bitcoin’s leading advocates in the institutional space, has reconfirmed his support for the cryptocurrency.
As MicroStrategy CEO, Saylor has expressed his proponency for Bitcoin as an alternative asset worth investment from both a retail and institutional point. Speaking at a recent cryptocurrency convention, Saylor commented on the benefits of Bitcoin as a cross-border asset. Comparing Bitcoin to other alternative assets such as gold, real estate and shares, Saylor pointed out Bitcoin’s global value as a unique element.
While Bitcoin does require a massive amount of energy to produce and for transactions, Saylor pointed out the sustainable value that Bitcoin has as a long-term held asset. For example, property and real estate require maintenance for it to be feasible as a long-term investment, otherwise, it will not only lose value but it can also become a liability to upkeep. Bitcoin on the other hand represents an investment that, once purchased, requires no maintenance. He noted:
“Bitcoin represents a property that you can acquire in small pieces that you can carry with you anywhere you go. You can give to your children’s children’s children’s children. And in 250 years, maybe your family still owns the property.”