MicroStrategy is the closest we have to a Bitcoin ETF, says Michael Saylor

Charlie Taylor

Instead of waiting for an ETF in sight of Bitcoin, people could invest in MicroStrategy, argued the company’s CEO – Michael Saylor. Michael Saylor, CEO of the MicroStrategy software platform, said that investing in his company is almost like allocating funds in the as-yet-non-existent US – spot BTC (spot) ETF. His organization is known as one of the most prominent holders of bitcoin as it owns over $5.5 billion in the cryptocurrency.

MicroStrategy can serve as a Bitcoin ETF (for now)

The long-awaited U.S. Bitcoin exchange-traded fund is still waiting to see the light of day in the United States as the SEC continues to reject these applications from a number of companies. However, according to Michael Saylor of MicroStrategy, investors should not wait desperately, but allocate some of their wealth to their company.

“We are like your non-existent spot ETF,” he maintained.

A Bitcoin spot ETF invests directly in BTC, which means that buyers will have exposure to the main digital asset without holding and storing it on platforms or private wallets. Bearing in mind that MicroStrategy owns over 129,000 BTC, worth over $5.5 billion, people seeking such exposure can simply invest in the company:

“If you want to have 2% exposure to bitcoin, you would put 2% of your portfolio in MicroStrategy and the other 98% of your portfolio, you can invest in whatever you want. They don’t want the CEO of a publicly traded company to be unpredictable and random.”

After MicroStrategy started buying bitcoin, its shares on the US Nasdaq exchange began to move more and more like the digital asset:

MicroStrategy (MSTR) and Bitcoin (BTCUSD) stocks. Source: TradingView. Last week, Saylor – a bitcoin evangelist – assured that his intelligence firm has no intention of changing its BTC strategy. In addition, he said that he will continue to accumulate and maintain the asset at a macroeconomic level. The executive believes that this concept is appropriate, as his company generates considerable revenue, which should not be kept in depreciating assets, such as the US dollar. It is far more sensible to convert cash flows into bitcoin, which has the potential to increase its valuation over time, he argued:

“As we generate cash flows, we think the responsible thing for our shareholders to do is convert a currency that is depreciating into an asset that is appreciating.”

Saylor has high hopes for Bitcoin

The MicroStrategy CEO reiterated his bullish stance on BTC in early April. “People ask me if I’m still bullish on Bitcoin. I am more bullish than ever on Bitcoin. The future is bright,” Saylor said at the time. He addressed Biden’s executive order on cryptocurrencies, opining that it signifies a “green light” for the top digital asset:

“Bitcoin has been embraced. Management has given the green light to Bitcoin. Politicians are now competing who is the most pro-bitcoin.”

Talking about the future price of the asset, he imagined that it would reach US$ 1 million.

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