Bitcoin ETF

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin ETF approvals in January have solidified Bitcoin’s position as a significant asset class, according to Michael Saylor.</li>
 <li>Saylor criticizes the SEC’s approach to cryptocurrency, claiming it’s been obstructive and slow.</li>
</ul>
<p>Michael Saylor, Chairman of MicroStrategy, has stated that the approval of Bitcoin ETFs in January was a significant milestone for Bitcoin.</p>
<p>He believes it confirmed Bitcoin’s status as a major asset class, potentially worth tens of trillions of dollars.</p>
<h2 id="sec-criticism">SEC Criticism</h2>
<p>However, Saylor has also expressed criticism towards the U.S. Securities and Exchange Commission (SEC) and its handling of cryptocurrency.</p>
<p>He accuses the SEC of being obstructive and in conflict with the entire crypto industry, including exchanges and entrepreneurs.</p>
<p>Saylor suggests that the SEC has been delaying the approval of options trading on Bitcoin ETFs, which he sees as a significant development for these ETFs.</p>
<p>He also criticizes the SEC for only allowing cash creates, not in-kind redemptions, which prevents investors from directly exchanging their Bitcoin for ETF shares.</p>
<h2 id="implications-for-banks-and-politics">Implications for Banks and Politics</h2>
<p>Saylor also comments on the SEC’s rule 121, which requires banks to list digital assets on their balance sheets.</p>
<p>He argues that this rule makes it impossible for banks to custody <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>.</p>
<p>He also notes that cryptocurrency is becoming increasingly political, suggesting that candidates who are positive towards crypto may gain more votes in future elections.</p>
<p>MicroStrategy continues to accumulate Bitcoin, with their last purchase in March adding a further 9,245 BTC to their holdings, bringing their total to 214,246 BTC, valued at $15 billion.</p>

Bitcoin ETF Approval Marks Historic Milestone for Asset Size, States Michael Saylor

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