MicroStrategy CEO Michael Saylor declared the approval of Bitcoin ETFs a pivotal moment for BTC, solidifying its position as an important asset class.
In a recent episode of the What Bitcoin Did podcast, Saylor said: “The most important thing that happened in this adventure was the approval of the spot Bitcoin ETFs. This means that Bitcoin is not a multi-hundred billion dollar asset class, Bitcoin is a ten to $100 trillion asset class.” It was about crossing the chasm that says there is an asset class.”
Despite supporting the approvals, Saylor criticized the U.S. Securities and Exchange Commission (SEC) for its general approach towards cryptocurrencies. He accused the SEC of being obstructionist and contradictory towards the entire crypto industry by filing lawsuits against crypto exchanges and entrepreneurs.
Saylor attributed his criticisms to two main factors. First, he claimed that the SEC was delaying the approval of spot Bitcoin ETFs as well as options trading. Second, he noted that the SEC only allows cash refunds rather than in-kind refunds, preventing investors from directly exchanging their Bitcoins for shares in ETFs. “So both of these things make these spot ETFs inferior,” he said.
Saylor also cited the SEC's rule 121, which requires banks to include digital assets on their financial statements. He argued that this rule makes it impossible for banks to store Bitcoin:
“We have achieved minimal adoption of Bitcoin. But these are other logical things: let banks hold custody, let people hedge it, let them trade BTC for securities. These are normal and ordinary things in all other beings. These were rejected. That's why we're moving at a very slow pace.”
Saylor also underlined in the interview that cryptocurrencies are increasingly becoming a political issue. He suggested that candidates who are positive towards crypto could garner more votes in the upcoming US elections.
*This is not investment advice.