Former MicroStrategy CEO Says Bitcoin Rally Just Getting Started

Dalmas Ngetich

2 years ago

2 mins read

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MicroStrategy is a business intelligence firm and one of the biggest holders of Bitcoin, the world’s most valuable cryptocurrency by market capitalization. And Michael Saylor, the former CEO of MicroStrategy, believes the cryptocurrency market is bottoming, and a Bitcoin rally is on the horizon.

Regulation, Halving, And Ordinals Are Drivers

In the interview, Saylor points out several tailwinds that may drive BTC to new 2023 highs. Specifically, he talks about regulations and how BTC is safe, considering the favorable classification from the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), two of the top regulators in the country. Their officials classify Bitcoin as a commodity with utility and not an unregistered security.

Saylor opines that other assets besides Bitcoin have a “black cloud hanging” over them and could be “regulated out of existence.” Consequently, he continued, capital will most likely flow from altcoins to BTC.

I think the crypto tokens and securities will be regulated, perhaps out of existence. Bitcoin is the most secure network. It’s the most secure asset. Everything else has got a black cloud hanging over it. You will see a consistent flow of capital from the rest of the crypto ecosystem into Bitcoin.

Besides regulation, he thinks the upcoming BTC halving event could propel prices higher. In 2024, the Bitcoin network will halve miner rewards from the current 6.25 BTC to 3.125 BTC.

This development will be a supply shock on the network, making BTC scarcer and more valuable. Though miner revenue might drop, past halving events have led to significant price gains. This pattern may be replicated next year.

Even though Ordinals has been blamed for bloating the network, Saylor remains bullish about the service and that it will propel the digital asset toward new highs. Ordinals is a platform allowing users to attach files, such as texts and videos, to Satoshis, effectively storing them on-chain. A satoshi is the smallest unit of BTC.

Bitcoin Bull Run Incoming

Talking to CNBC, Saylor, a Bitcoin permabull, thinks the recent firmness of the coin could be the start of a bull run that could push it to new 2023 highs.

BTC has been consolidating, failing to convincingly close above the $28,000 resistance level. For the better part of May 2023, prices have been edging lower, moving from around the $31,000 level recorded in late April 2023. Since April, the coin has dropped by around 10%, falling to as low as $25,800 last week.

Bitcoin Price On May 23| Source: BTCUSDT On Binance, TradingView

Despite the recent contraction, Bitcoin remains within a bullish formation. Notably, bears have failed to reverse gains posted from mid-March to early April 2023.

Feature Image From Canva, Chart From TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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