MicroStrategy CEO Michael Saylor compares the development of Bitcoin with that of basketball star LeBron James.
In an interview with the German financial expert and non-fiction author Marc Friedrich, MicroStrategy boss Michael Saylor emphasized that the criticism of Bitcoin ( BTC ), which was still valid in 2015 and 2017, is no longer applicable.
Like LeBron James
Since 2017, Bitcoin has made significant progress in terms of infrastructure, fundamentals, and adoption. In addition, and probably for this reason, more and more institutional investors have invested in BTC this year as a store of value and a means of protecting 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 last three years as a sufficient counter-argument that lets this criticism fizzle out.
The MicroStrategy boss symbolizes this with the aid of the successful basketball player LeBron James, who is repeatedly traded as the heir to the throne of the legendary Michael Jordan
As Saylor points out in his analogy, even James, despite great talent, would have had to go through a maturation process before success could be achieved:
“I also find it important to address the concerns and concerns of those in the crypto community who fear that Bitcoin is too risky, too volatile, or even going to zero. These people are still living in 2012, 2015 or 2017. I answer them with this example: LeBron James played basketball between the ages of 9 and 18, and although he was very talented at the time, he was erratic and inconsistent. When he grew up, he destroyed every one of his opponents between the ages of 18 and 28. ”
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 like BitMEX, which specialize in private investors, dominated the derivatives trading market alone, the picture is now different.
As Cointelegraph reported , the large options exchange Chicago Mercantile Exchange (CME), which targets institutional investors, now has a trading volume similar to that of crypto trading platforms for private investors. For example, the CME Bitcoin Futures recorded open interest of $ 1.14 billion on December 4th, which is 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 blockchain, which is further evidence of the increased interest of institutional investors.
According to IntoTheBlock, the number of transactions valued at more than $ 100,000 has doubled in the past two years. From this, the crypto market researchers conclude that institutions are becoming increasingly active.