Michael Saylor Says Wall Street And Congress Want Bitcoin – But What About Joe Biden
Portfolio Pulse from Aniket Verma
Michael Saylor, co-founder of MicroStrategy, celebrated the Senate's repeal of an SEC policy restricting financial institutions from being Bitcoin custodians. This bipartisan move indicates growing mainstream acceptance of Bitcoin. However, President Joe Biden may veto the resolution.
May 17, 2024 | 8:43 am
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NEUTRAL IMPACT
Bitcoin's price saw a slight retracement of 0.5% despite the Senate's repeal of an SEC policy restricting financial institutions from being Bitcoin custodians. The potential veto by President Biden adds uncertainty to the market.
The Senate's repeal of the SEC policy is a positive development for Bitcoin, indicating growing mainstream acceptance. However, the potential veto by President Biden introduces uncertainty, which may have contributed to the slight retracement in Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
MicroStrategy shares fell 4.2% despite the Senate's repeal of an SEC policy restricting financial institutions from being Bitcoin custodians. The news indicates growing mainstream acceptance of Bitcoin, but potential veto by President Biden adds uncertainty.
The Senate's repeal of the SEC policy is a positive development for Bitcoin and companies like MicroStrategy that hold significant Bitcoin assets. However, the potential veto by President Biden introduces uncertainty, which may have contributed to the recent decline in MicroStrategy's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100