Bitcoin On the Verge of a New Bull Run, Says MicroStrategy’s Michael Saylor: Here’s Why!

The Dawn of a New Bitcoin Bull Market


Michael Saylor, co-founder of software titan MicroStrategy, asserts that Bitcoin’s current rally is not just another fleeting surge, but the dawn of a new bull market. His optimism hinges on three key factors: Bitcoin’s impending halving, increasing acceptance of the digital currency, and regulatory crackdowns on the cryptocurrency industry that, paradoxically, might favor Bitcoin.


The Catalyst of Bitcoin’s Halving


Bitcoin’s halving is a process that happens roughly every four years, a mechanism designed to limit the total quantity of Bitcoins in existence. This event, which is due in April 2024, is believed to bolster Bitcoin’s price by enhancing its scarcity. This anticipated halving, Saylor argues, plays a substantial role in ushering in a new bull run for the world’s premier cryptocurrency.


Surge in Bitcoin Adoption


Next, Saylor points to a rising tide of Bitcoin adoption. Both investors and developers, he argues, are set to migrate from other blockchains to Bitcoin’s network, driven by regulatory constraints that threaten to marginalize competitors like Ethereum.


Impact of Regulatory Crackdown


Earlier this year, US Securities and Exchange Commission chairman Gary Gensler stated that “everything other than bitcoin” falls under securities laws. Saylor anticipates that crypto tokens and securities may face stringent regulation, possibly driving them out of existence. However, he firmly believes that Bitcoin, owing to its status as the most secure network and asset, will remain unscathed.


The Migration of Ordinals Inscriptions Activity


Ordinals, a protocol that expands blockchain’s use cases, has recently contributed to a new daily transaction record for Bitcoin. This development, combined with Bitcoin’s upcoming halving, stands to push the digital currency into bullish territory.


New Accounting Standards and Bitcoin


The Financial Accounting Standards Board (FASB) has proposed new guidance for crypto accounting and reporting. For companies with crypto holdings like MicroStrategy, these guidelines could provide much-needed clarity and transparency, potentially encouraging further mainstream adoption of Bitcoin.


The Aftermath of Shorting Bitcoin


According to Saylor, Bitcoin has weathered the storm of “bad leverage.” Entities that once shorted Bitcoin, rehypothecated it, or offered Bitcoin loans have reportedly gone bankrupt, with the few remaining exchanges facing severe regulatory pressure. This development, he believes, further solidifies Bitcoin’s position in the market.


Conclusion: Bullish Signs for Bitcoin


In summary, Saylor asserts that Bitcoin has found its bottom, and the negative impacts of leverage are now past. In his view, these factors, along with increased regulation, Bitcoin’s halving, and a shift in Ordinals inscriptions activity, signify the beginning of a promising bull run for Bitcoin. Despite the industry’s “growing pains,” Saylor contends that there are numerous bullish indicators for Bitcoin’s future.

Donald Castillo

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