“Trillions of Dollars” Bitcoin Prepared for a Massive Earthquake

The Price of Ethereum, Binance’s BNB and Solana, Cardano, And XRP Soar

The combined cryptocurrency market has seen a rocketing rise in Bitcoin and cryptocurrency prices over the past month. Binance’s BNB and Solana, Cardano, and XRP all make double-digit percentage increases.

In part, the launch of U.S. bitcoin futures-exchange-traded funds (ETFs) has helped the bitcoin price climb from $45,000 per bitcoin in October to $67,000 in late October. Recent drops in bitcoin have been despite new price targets, even though Ethereum and its smaller competitors hit new highs.

Michael Saylor, a bullish buyer of bitcoin, predicts that “trillions” of dollars will flow into bitcoin when the U.S. regulator approves the fully-fledged Bitcoin ETF, helping bitcoin replace gold and become the primary index for the Western world.

“To do this, you need to have the spot ETF,” stated Saylor, chief executive of MicroStrategy’s business intelligence software company MicroStrategy. He spoke at Bloomberg’s Financial Innovation Summit. “And once these spot-ETFs roll, I believe you’ll see billions and then tens or hundreds of billions, finally hundreds of billions then trillions of dollar flow into them.”

Saylor converted Microstrategy into a bitcoin acquisition vehicle over the past year. He has purchased more than 110,000 Bitcoins. MicroStrategy’s market capitalization of $8 billion is almost entirely made up of its bitcoin holdings, which are worth approximately $7 billion.

Saylor stated that he believes a U.S.-based spot Bitcoin ETF will act as an institutional onramp for investors looking to get exposure to bitcoin. He also said that he will continue to buy bitcoin via MicroStrategy. These funds are already available in Canada and other countries.

Two U.S. Bitcoin futures ETFs were launched in October. The ProShares Bitcoin Strategy ETF saw more than $1 million in assets within a matter of days. Some, including Nick Carter, Castle Island Ventures’ general partner, have called futures-based ETFs “inferior”, as they don’t provide direct exposure to the underlying assets. Saylor and Carter said that a spot bitcoin ETF would become “the most popular commodity ETF launch.”

Saylor stated that the right answer was to let investors purchase bitcoin worth trillions of dollars via an ETF. ETFs can be plugged into the existing security structure and prime brokerages as well as the existing collateral packages.

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