Benzinga - Michael Saylor, the executive chair of MicroStrategy Inc. (NASDAQ:MSTR), remains positive about the company’s position in the Bitcoin (CRYPTO: BTC) market despite the potential approval of Bitcoin ETFs in the U.S.
What Happened: Saylor, in a recent interview with Bloomberg, assured that the approval of Bitcoin ETFs would not deter investors from MicroStrategy, which offers a fee-less, leveraged investment vehicle for Bitcoin. The company, which holds Bitcoin worth $6.5 billion, is expected to continue attracting investors due to its unique position in the market.
See Also: Cathie Wood Sheds Coinbase Shares, Bitcoin Faces Downturn, And Shiba Inu Sees Supply Shrinkage: Top Crypto Updates This Week
The Securities and Exchange Commission (SEC) is predicted to approve Bitcoin spot ETFs by mid-January. However, Saylor believes MicroStrategy’s strategy of leveraging “intelligent” borrowing at zero percent interest to buy Bitcoin will keep the company competitive.
Why It Matters: The SEC’s anticipated approval of Bitcoin ETFs comes after discussions with BlackRock Inc. (NYSE:BLK) regarding its proposed rule for a spot Bitcoin ETF in December. This news has sparked optimism among analysts, with many predicting numerous Bitcoin ETF approvals before January 2024.
Grayscale Investments’ CEO, Michael Sonnenshein, has also highlighted the potential of a spot Bitcoin ETF to “unlock” around “$30 trillion worth of advised wealth,” signaling a massive potential inflow into the Bitcoin market.
Read Next: Bitcoin, Ethereum, Dogecoin Plunge Amid Profit-Taking: Analyst Says King Crypto Reaching $110K ‘Wouldn’t Surprise Me’
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