Bitcoin traded above $63,000 on Sunday as Strategy Chairman Michael Saylor described the cryptocurrency as "digital monetary energy," framing it as a fix for the weaknesses of gold and fiat money. The move came alongside a sharp jump in UBS's options exposure to BlackRock's spot Bitcoin ETF and a mixed session across altcoins.
Bitcoin traded up 0.07% at $63,065.7 as of 05:11 ET, oscillating between $62,862 and $63,112 after slipping below $63,000 in the prior session. In a post on X, Saylor argued the cryptocurrency should be understood as "digital monetary energy".
Saylor casts Bitcoin as a fix for gold and fiat
Saylor described money as a technology for storing and transferring the economic value created through labour, intelligence, time and natural resources, arguing that monetary systems should be judged by how well they preserve that value across time and distance. Gold historically filled this role through its durability and scarcity, but its physical form incurs transportation, storage, authentication and custody costs, he said. Fiat currencies improved portability but introduced political risks, including inflation, account restrictions and supply expansion controlled by governments and central banks.
Bitcoin, he argued, attempts to address both weaknesses through a fixed supply, a decentralised network and cryptographic ownership. Its proof-of-work system connects digital property to physical energy by requiring miners to expend computing power to secure the network.
Fixed supply nears its cap ahead of the next halving
About 20.07 million of the maximum 21 million Bitcoin have been mined, leaving roughly 929,465 tokens. Programmed halvings will keep slowing issuance, with the 2028 event expected to cut daily production from 450 to 225 Bitcoin. The final token is projected to be mined around 2140, which would force miners to rely increasingly on transaction fees.
UBS ramps up bets on BlackRock's Bitcoin ETF
UBS increased call-option exposure tied to BlackRock's iShares Bitcoin Trust more than 24-fold during the second quarter to 1.95 million underlying shares, CoinDesk reported. The bank also raised its direct IBIT holdings by 12% to 407,890 shares, while its put exposure fell 53%. Missing strike prices and expiration dates leave its net directional position unclear, since the trades could reflect client activity, hedging or market-making.
Altcoins mixed as Bitcoin edges higher
Broader crypto prices were mostly mixed Saturday even as Bitcoin edged higher. Ether rose 0.08% to $1,881.90, while XRP shed 0.10% to $1.0017. Solana gained 0.28%, whereas BNB fell 0.79% to $606.99 and Cardano slumped 1.11% to $0.1775.
Source: Cryptocurrency News
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