Bitcoin ETFs Surpass Expectations, Says Michael Saylor

BTC ETF

During the Madeira Bitcoin conference, MicroStrategy CEO Michael Saylor remarked, “We thought that maybe Bitcoin was a competitor to gold, but it has actually run up the leaderboard, and now it’s starting to nip at the heels of the S&P 500 Index ETFs.” He expressed surprise at the success of the new Bitcoin ETFs, which have collectively attracted $8.5 billion in net inflows within two months of their launch.

Spot Bitcoin ETF Success

Saylor emphasized the significance of ETFs as a “universal API” for investors, simplifying the process of trading various funds, including BTC. He described ETFs as a global protocol for trading volatility or issuing credit, opening up new avenues for investors.

Michael Saylor, the CEO of MicroStrategy and a prominent figure in the Bitcoin community, expressed his astonishment at the success of the new Bitcoin ETFs during the Madeira Bitcoin conference. He stated, “We thought that maybe Bitcoin was a competitor to gold, but it has actually run up the leaderboard, and now it’s starting to nip at the heels of the S&P 500 Index ETFs.”

BTC ETF Vs Gold ETF

According to Saylor, the gold ETFs, which are currently the largest commodity ETFs in the United States, will soon be surpassed by their Bitcoin counterparts. He anticipates this transition to occur in “not too long a time.”

Since their launch less than two months ago, Bitcoin ETFs have witnessed remarkable success, collectively attracting $8.5 billion in net inflows, as reported by BitMEX Research. Despite significant outflows from the converted Grayscale Bitcoin Trust (GBTC), these ETFs have managed to attract substantial investments.

Ahead of Microsoft

The iShares Bitcoin Trust (IBIT) and Fidelity Wise Bitcoin Origin Trust (FBTC) have particularly stood out, experiencing the largest inflows of any ETFs in history within their first 30 days of launch. This success has positioned them among the top 20 most actively traded ETFs each day, with a trading volume surpassing $6 billion on Tuesday, even exceeding that of Microsoft.

Saylor emphasized the significance of ETFs as a “universal API” for investors, simplifying the process of trading various funds, including BTC. He described ETFs as a global protocol for trading volatility or issuing credit, opening up new avenues for investors.

MSTR Success Story

Furthermore, Saylor highlighted the broader implications of ETFs, noting their role in expanding financial accessibility and functionality for mainstream investors. He underscored the profound importance of this development for the entire network.

MicroStrategy, under Saylor’s leadership, has emerged as the world’s largest corporate holder of Bitcoin, currently holding 193,000 BTC on its balance sheet. Despite already achieving significant gains on its investment, the company plans to further increase its BTC holdings using funds from an upcoming $700 million convertible note sale.

Author: Candace

Candace loves the arts. She holds some bitcoins.