“This is an important milestone on the road to institutional adoption. I think it’s important, but I don’t think bitcoin will rise to $5 million overnight,” said Michael Saylor.
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Approving bids for a bitcoin spot ETF will let investors know that the first cryptocurrency is a legitimate asset, he explained. If the SEC approves bids for the asset, the user “can press a button and purchase $10 million worth of BTC in 30 seconds.”
Note that MicroStrategy bought 12,333 BTCs totaling $347 million between April 29 and June 27. Saylor’s company now owns 152,333 BTC worth more than $4.6 billion at an average exchange rate of $29,668.
Saylor believes the value of the first cryptocurrency will continue to rise, and that the Bitcoin network itself can be an effective way to prevent cybersecurity threats, particularly the fight against fake accounts on social networks;
The SEC has several applications pending to launch spot cryptocurrency exchange-traded funds. However, the Commission argues that these applications are not sufficiently clear and comprehensive.