|
|
MicroStrategy's co-founder and chairman, Michael Saylor, expressed skepticism about the recent approval of the Bitcoin (BTC) ETF. On February 20, during an interview with Bloomberg TV, he warned that ETFs might undermine the decentralized nature of the cryptocurrency space. The co-founder also acknowledged that while spot exchange-traded funds (ETFs) paved the way for institutional capital to enter the Bitcoin ecosystem, their demand exceeded the current supply. Saylor stated, "Spot ETFs are driving the digitization of capital, with hundreds of millions of dollars transitioning from the traditional analog ecosystem to the digital economy every day."
As the U.S. Securities and Exchange Commission (SEC) approved Bitcoin ETFs, Chairman Gary Gensler emphasized on CNBC that these approvals do not signify an endorsement of digital assets. He pointed out, "This is by no means an endorsement of existing Bitcoin—it's just how these products trade on these exchanges."
Despite facing increasing losses, MicroStrategy remained committed to acquiring BTC throughout the last year. In January of this year, Saylor sold $216 million worth of his personal MicroStrategy stock options to purchase more Bitcoin. The entrepreneur stated, "Bitcoin is the exit strategy; it's the most powerful asset and will become a trillion-dollar asset class. It stands alongside companies like Apple, Google, and Microsoft."
Saylor suggested that Bitcoin is currently competing with gold. Simultaneously, it is also competing with the S&P 500 index and the real estate market, both of which have a combined market value exceeding $100 trillion. He contemplated, "There's no reason to sell winners to buy losers."
In conclusion, Bitcoin is considered superior to these asset classes from a technological perspective. Moreover, over time, capital is expected to continuously shift from these traditional assets to Bitcoin. |
|
Post time 28-2-2024 21:29:40