Key Points
- Bitcoin ETF approvals in January have solidified Bitcoin’s position as a significant asset class, according to Michael Saylor.
- Saylor criticizes the SEC’s approach to cryptocurrency, claiming it’s been obstructive and slow.
Michael Saylor, Chairman of MicroStrategy, has stated that the approval of Bitcoin ETFs in January was a significant milestone for Bitcoin.
He believes it confirmed Bitcoin’s status as a major asset class, potentially worth tens of trillions of dollars.
SEC Criticism
However, Saylor has also expressed criticism towards the U.S. Securities and Exchange Commission (SEC) and its handling of cryptocurrency.
He accuses the SEC of being obstructive and in conflict with the entire crypto industry, including exchanges and entrepreneurs.
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.
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.
Implications for Banks and Politics
Saylor also comments on the SEC’s rule 121, which requires banks to list digital assets on their balance sheets.
He argues that this rule makes it impossible for banks to custody Bitcoin.
He also notes that cryptocurrency is becoming increasingly political, suggesting that candidates who are positive towards crypto may gain more votes in future elections.
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.
