The demand for the Nasdaq will significantly accelerate. Cantor Fitzgerald initiates a "Buy" rating on MicroStrategy(MSTR.US)

On Wednesday, investment bank Cantor Fitzgerald initiated coverage on the world's largest Bitcoin holder, MicroStrategy (MSTR.US), with a "buy" rating, citing "a significant acceleration in demand for Bitcoin from here."

MicroStrategy held 226,331 Bitcoins at the end of the second quarter, representing 1.1% of all 21 million Bitcoins ever mined.

The firm wrote in a letter to its clients: "Unlike the dollar, the dollar is more valuable today than it will be tomorrow, and Cantor believes Bitcoin will be more valuable than it is today." Cantor noted that unlike global fiat currencies, Bitcoin's annual supply growth will decline year by year until the last Bitcoin is mined in 2140.

On the demand side, the firm noted that the entire ecosystem is built on Bitcoin and that "institutional investment is underweight and governments may consider Bitcoin as a strategic reserve currency." This demand dynamic is expected to push up the price of Bitcoin, which is currently trading about 20% below its all-time high of $73,100.