Important Points:
- Michael Saylor , the famous Bitcoin Maximalist, thinks Bank of America is accepting Bitcoin as a currency
- He shared his experience of how BOA approached him to help them buy BTC
- Saylor predicts Bitcoin will achieve institutional adoption in the next 8 years.
Michael J. Saylor, a co-founder of MicroStrategy, claims Bank of America is ready to accept Bitcoin as a virtual currency. In a panel discussion at Pacific Bitcoin 2022, he shared his journey and struggles in adopting crypto at an early stage.
Saylor has been a long advocate of Bitcoin. He and his company continue to invest their funds in the world’s largest cryptocurrency, even in the bear market.
Microstrategy currently holds 132,500 BTC for around $4.03 billion in its possession as of December 2022.
Bank of America embraces Bitcoin
Talking about his journey to BTC, Michael Saylor shared that the Bank of America almost considered it taboo to mention the virtual currency in 2020. His broker from Merrill Lynch, a division of BOA, refused to sell BTC to him because they could get fired for it.
Later, seeing the progress and utility of the coin, the same division brokers want Saylor to sign with Bank of America to buy Bitcoin.
“Presumably, if Merrill Lynch is going to all clients saying let’s fill this out (documents related to BTC), I think Bank of America has embraced Bitcoin,” he said.
Last year, the Entrepreneur shared that the traditional market was far away from accepting Bitcoin bonds but now he sees every bank, whether it is crypto or traditional, has recognized the digital currency.
Bitcoin as institutional adoption
When discussing Bitcoin’s popularity, Saylor shared that the world’s biggest virtual currency will most likely be driven by institutional adoption, technology utility, and macroeconomic winds.
He says Bitcoin is still in its early stage, which will boom in the market once killer apps start rolling out for consumers. These killer platforms will probably be related to a Lightning wallet which simplifies moving digital currency around and swapping dollars for BTC and other coins.
Microstrategy is currently working on a protocol that can drive Bitcoin adoption and give people the power to hold their assets in digital form confidently.
In the end, Saylor says Bitcoin is going to drive the future economy as an authentic digital asset in the world.
He gave examples of how the finance ministries and politicians around the are causing deliberate inflation by dropping interest rates. BTC will emerge as a powerful asset that could drive every economy forward in the near future.
