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Michael Saylor Says Bitcoin ETFs Will Take Financial Markets By Storm And Will Completely Replace Gold ETFs In Few Years

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Speaking with the Bloomberg Financial Innovation Summit on Thursday, MicroStrategy Chief Executive Officer Michael Saylor, said that Bitcoin ETFs are set to take the financial markets by storm in the next three years.



Sailor added that Bitcoin ETFs will replace gold ETFs over the next few years. MicroStrategy’s CEO declared that Bitcoin will be the principal asset class for the Western world, and eventually replace the $425 billion fund – SPDR S&P 500 ETF Trust.

Saylor said:

“To achieve this, you’ll need an ETF that is a spot. Once these BTC spot ETFs are launched I am sure you will see billions of dollars flowing into them, followed by thousands of billions, then several hundred billion and then trillions.”

While we do already have two Bitcoin Futures ETFs – ProShares and Valkyriewhich are already trading in the market, according to Saylor they’ll not remain as appealing as an option for institutions as spot deals. Sailor said that a bitcoin-based futures ETF is the most expensive offer however something is better than nothing. 

Sailor also stated that ETFs are the ideal choice for institutional investors since they offer a controlled basis for participation by major companies in the market. Sailor predicts billions of dollars worth of institutions’ money flowing into Bitcoin ETFs over the next years.

 

Nick Carter, the co-founder of Coin Metrics, also said that BTC spot ETF will be very attractive:

“Spot Bitcoin ETFs would be the hottest commodity ETF launch of all time, attracting probably well over $100 billion in assets within a month or so.”

Carter said that Bitcoin spot ETFs are traded successfully in other countries, like Canada. Carter added: “They work just great. There’s no explanation for the reticence at the top levels here to approve this product, which obviously should exist and would make life immensely easier for all types of different investors”.

On Wednesday Two U.S. congressmen wrote a letter to Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC) requesting approval of Bitcoin spot ETF explaining that spot ETFs are more suitable for investors than their futures-linked counterparts.

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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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