Michael Saylor, co-founded and chairman of MicroStrategy, believes that the flow of fiat money into Bitcoin is neither a bubble nor a rally but a chain reaction.
The well-known Bitcoin advocate Michael Saylor stated this on Twitter, in his usual bid to advocate for the adoption of Bitcoin. The CEO said that the flow of money from conventional assets into bitcoin is significantly driven by the increasing risk of global currency devaluation.
According to Michael Saylor, the global currency devaluation risk has been fueled by the continuous rollout of COVID-19 stimulus packages. Saylor believes this trend is not ending anytime soon.
As previouslu reported, MicroStrategy purchased an additional approximately 29,646 bitcoins for approximately $650.0 million in cash this month. MicroStrategy company currently holds an aggregate of approximately 70,470 bitcoins, which were acquired at an aggregate purchase price of approximately $1.125 billion.
Bitcoin witnessed a massive rally this month when its price reached above $24,000 for the first time in its history.