MicroStrategy founder Michael Saylor, in an interview with The Block, called the adoption of a spot ETF based on the first cryptocurrency a ‘major event’ for the crypto industry.
‘This is an important step on the path to institutional adoption. I think it’s important, but it won’t push Bitcoin to $5 million overnight,’ he noted.
Saylor also explained that he considers Bitcoin maximalists to be everyone who sees in it ‘a tool for expanding economic rights and opportunities’. He is convinced that ‘this is good for the world’.
The former head of MicroStrategy reiterated his thesis that most altcoins show signs of being securities. In June he stated that a large portion of the SEC’s claims concerns precisely such tokens.
‘You can criticise business ideas, but you should not censor them. It’s like opening a bakery and selling terrible sawdust donuts. It’s a stupid idea. I wouldn’t invest in it. I won’t buy your sawdust donuts. You’ll probably go bankrupt,’ Saylor said.
He added that, in such a situation, a mayor should not pass a law requiring a license to sell ‘sawdust donuts’ in the city.
In the last month, filings with the SEC to launch a spot Bitcoin ETF were submitted by BlackRock, Valkyrie, Fidelity Investments, as well as WisdomTree and Invesco.
In June, Saylor predicted a multi-fold rise in the first cryptocurrency thanks to regulation. In his view, the statements and actions by the SEC are laying the groundwork for the next bull phase.