NewsletterMicheal Saylor: Bitcoin ETFs Not A Threat To MicroStrategy
Crypto News: MicroStrategy cofounder on Wednesday said there is a growing consensus that Bitcoin is a unique and valuable international asset and that is being endorsed by politicians, investors and regulators. He mentioned that Blackrock chief executive officer Larry Fink expressed confidence in the top cryptocurrency as an asset, which has created a change in sentiment. On Tuesday, MicroStrategy announced it gained profits during the second quarter and as a result it continued its Bitcoin accumulation.
Also Read: Wall Street Files 7 Ethereum ETF Applications; Will US SEC Approve?
The company stares at a very interesting time in the regulatory scope of crypto market as the industry experts grow increasingly confident of the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETF applications. In this context, the Michael Saylor cofounded company may face tough time defending its position as the largest institutional holder of BTC. The company in its quarterly earnings reported that it holds as many as 152,800 BTC with an average Bitcoin price of $29,672 per cryptocurrency.
Bitcoin & Certainty
While the crypto asset industry faces fear and uncertainty over regulatory clarity in the United States, trading of Bitcoin is hardly contested by regulators. Speaking to CNBC, Saylor said Bitcoin is the “Most certain thing in an economy full of uncertainty.” Also, he welcomed the spot ETF developments from the financial giants. However, he rejected the argument that the ETFs would threaten his company’s investment strategy.
“You can think of Bitcoin as a beautiful house in a scary neighborhood that you have to pay in cash and takes a year to buy and never rent. Whereas the spot Bitcoin ETF is like the same beatiful house in a nice neighborhood that you can buy tomorrow with no down payment.”
Meanwhile, the MicroStrategy stock went up by over 200% since the beginning of the year 2023.
Also Read: Biden Administration Under Pressure To Implement Crypto Rules: WSJ
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