In an interview with bloomberg television On Tuesday, MicroStrategy co-founder and chairman Michael Saylor said the recently approved spot Bitcoin ETF opens the gateway for institutional capital to flow into the Bitcoin ecosystem as demand exceeds current supply.
“This is a rising tide. It will lift all boats. MicroStrategy has a leveraged operating strategy for Bitcoin,” Saylor told Bloomberg’s Katie Greifeld. “But if you look at what physical ETFs are doing, they are facilitating the digital transformation of capital. And every day, hundreds of millions of dollars of capital are flowing from traditional analog ecosystems into the digital economy.”
While the U.S. Securities and Exchange Commission (SEC) approved the Bitcoin ETF, Chairman Gary Gensler said: CNBC Approval does not constitute an endorsement of the digital asset.
“We are merit-neutral, as we like to say,” Gensler said. “This is not an endorsement of Bitcoin ever existing in any way. It is simply a way to trade Bitcoin on the Exchange Traded product.”
MicroStrategy, a prominent Bitcoin holder, has amassed over 190,000 BTC worth approximately $10 billion. Saylor has been far from traditional in the way he and MicroStrategy invest in Bitcoin.
“I said I would buy that top forever,” Saylor said. “Bitcoin is an exit strategy and the strongest asset, so what we are seeing now is Bitcoin emerging as a trillion-dollar asset class. And it’s up there with names like Apple, Google, and Microsoft.”
Despite widening losses last year, MicroStrategy continued to buy Bitcoin. In January, Saylor sold $216 million in personal MicroStrategy stock options to buy more Bitcoin.
“There is not enough room in the capital structures of these companies to hold $10 or $100 trillion worth of capital,” Saylor said. “So Bitcoin is competing with gold at 10x. It now competes with the S&P index and over $100 trillion worth of real estate as a store of value.”
Saylor called Bitcoin technically superior to these asset classes and said capital will continue to flow from those asset classes into Bitcoin.
“Then there is absolutely no reason to sell winners to buy losers,” Saylor concluded.
editor Ryan Ozawa.
