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Michael Saylor Praises Bitcoin As A New Asset Class

It looks like BTC maxi Michael Saylor is praising Bitcoin as a new asset class. Check out the latest tweet that he shared below. Michael Saylor addresses Bitcoin Check out the tweet that he shared on X: An excellent revi...

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Michael Saylor Praises Bitcoin As A New Asset Class

It looks like BTC maxi Michael Saylor is praising Bitcoin as a new asset class. Check out the latest tweet that he shared below.

Michael Saylor addresses Bitcoin

Check out the tweet that he shared on X:

An excellent review of the emergence of #Bitcoin as a new asset class, the positive shift in sentiment on Wall Street, and the growing appreciation of $BTC as a global, digital store-of-value by @dee_bosa.pic.twitter.com/ZzWbDHo30a

— Michael Saylor (@saylor) January 19, 2024

Bitcoin is getting near to break a new ATH

Kevin Svenson, a cryptocurrency analyst and trader with a YouTube channel boasting 71,300 subscribers, has predicted that Bitcoin (BTC) may follow a certain trajectory in the upcoming weeks and months.

Svenson suggests that the S&P 500, an index that monitors the stock performance of the top 500 listed companies in the US, has acted as a leading indicator for Bitcoin in the past.

According to him, the index has been able to signal when Bitcoin is about to hit a new all-time high.

“The S&P is always leading Bitcoin on the all-time high breaks. And this is a good sign because Bitcoin is still 40% below its all-time high and the S&P is right near its all-time high.

So if you look back in time, the second halving [2016], the S&P 500 broke its all-time high during the second halving and about seven months later, Bitcoin broke its all-time high. That was about a seven-month difference.

And the third halving [2020], the most recent halving, the S&P broke its all-time high and about four months later, Bitcoin broke its all-time high.”

According to Svenson, Bitcoin is expected to hit its all-time high in approximately four months, which is less than half a year away.

Meanwhile, the S&P 500 index is currently just below its all-time high of 4,796 points, which it achieved on January 3rd, 2022. Stay tuned for more updates from the crypto industry.

Why this matters

This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.

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