Micheal 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
- Bitcoin ETFs Record $2.2B Weekly Inflows as BTC Price Surges Past $120K
- Nomura Eyes to Ripple Dominance in Crypto Trading in Japan as Demand Rises
- Sharps Technology Plans $100M Buyback to Boost Solana Treasury as SSK ETF Hits Record $382M AUM
- Will Bitcoin Reverse to $115K Max Pain Price amid Crypto Options Expiry Today?
- Cardano Gets 100 Million User Exposure With Brave Integration, Whales Scoop 70M ADA
- Bitcoin Price Hits $120K, Is Citigroup’s Bold Q4 Prediction in Motion?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
