bitcoin-ETF is an important stage on the way to institutionalization


MicroStrategy founder Michael Saylor, in an interview with The Block, called the adoption of a spot ETF based on the first cryptocurrency a “big event” for the crypto industry.

“This is an important step towards institutional acceptance. I think this is important, but will not lead to the growth of bitcoin to $5 million overnight,” he said.

Saylor also explained that he considers bitcoin maximalists to be anyone who sees it as a “tool for economic empowerment.” He is confident that “it’s good for the world.”

The ex-head of MicroStrategy repeated his thesis that most altcoins have signs of securities. In June, he said that most of the claims of the US Securities and Exchange Commission (SEC) are related to such tokens.

“You can criticize business ideas, but you shouldn’t censor them. It’s like opening a bakery and selling horrible sawdust doughnuts. This is a stupid idea. I wouldn’t invest in it. I won’t buy your sawdust donuts. You will probably go bankrupt,” Sailor said.

He added that in such a situation, the mayor should not pass a law requiring a license to sell “sawdust donuts” in the city.

Over the past month, BlackRock, Valkyrie, Fidelity Investments, as well as WisdomTree and Invesco have filed applications with the SEC to launch a spot bitcoin ETF.

Recall that in June, Saylor predicted a multiple growth of the first cryptocurrency due to regulation. In his opinion, the statements and actions of the SEC lay the foundation for the next bullish phase.

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