Bitcoin ETFs Set to Outshine Gold: Saylor’s Prediction

Bitcoin scripted a new all-time high after hitting $69k, propelling the capitalization of BTC spot ETFs in the U.S. above an impressive $50 billion mark. Avid BTC proponent and MicroStrategy founder Michael Saylor is optimistic about the entry of new spot Bitcoin ETFs launched by BlackRock and Fidelity, stating that these have surpassed expectations and are emerging as a competitor with S&P 500 ETFs. Saylor believes that bitcoin-related products are expected to surpass gold ETFs shortly, even if gold ETFs remain the largest commodity ETFs in the United States.

Bloomberg’s ETF analyst Eric Balchunas also highlighted the remarkable growth, noting that the aggregated USD-denominated value of assets backing 11 spot Bitcoin ETFs in the United States has exceeded $50 billion in just seven weeks since SEC approval. This surge marks a significant milestone in the mainstream adoption of cryptocurrencies, particularly BTC.

Business intelligence firm Microstrategy has recently raised $600 million by selling convertible debt in a private offering, intending to use the funds to buy and acquire more BTC. Saylor, the founder and now Executive Chairman of the company, is known to have been a relentless accumulator of BTC since mid-2020. At press time, MicroStrategy held 193,000 tokens worth more than $13 billion at the current price of $67,500.

Bitcoin ETFs: Institutional Influx

In the past, the crypto entrepreneur has made it explicitly clear that there is no intention to offload any of the BTCs owned by the company soon. The influx of capital from traditional financial systems into digital ones through ETFs, according to him, strengthens Bitcoin’s position as more valuable than gold, real estate, or even the S&P Index.

In a recent interview with Bloomberg TV, Saylor spoke about the key role played by spot ETFs in bringing institutional capital into Bitcoin’s ecosystem. He spoke about billions of dollars moving daily from analog to digital economies, something that denotes a major shift in how capital works.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.