BTC Bull Sees ‘Trillions of Dollars’ Inflow, Market Close to 3T
- Bullish Bitcoin Buyer Michael Saylor predicts “trillions of dollars” flow in Bitcoin.
- Crypto market heading towards $3 trillion value.
- Bitcoin recently faced a price drop.
Could Bitcoin be the next gold? For bullish bitcoin buyer Michael Saylor, BTC is set to replace all gold exchange-traded funds (ETFs) over the next two to three years. Only to achieve this, the U.S. regulator must approve a fully-fledged Bitcoin ETF.
BTC will also progress as the leading primary asset index for the Western world and will soon replace the SPDR S&P 500 ETF Trust (SPY), which is a $425B fund that tracks the equity index.
“To do that, you need the spot ETF,” said Saylor, who in fact invested his company’s capital in cryptocurrency. “And once these spot ETFs roll, I think you’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them,” the MicroStrategy CEO added as he spoke at the recent Bloomberg’s Financial Innovation Summit.
Likewise, Saylor also noted that these U.S-based spot Bitcoin ETFs would serve as an institutional passageway for investors who desire direct exposure.
Two Bitcoin futures ETF funds created a huge media buzz as their trading commenced in October. The first one to hit the market was ProShares Bitcoin Strategy ETF, which accumulated more than $1 billion in assets in a span of days. The second to follow, Valkyrie’s Bitcoin Strategy ETF, had received a different response, but still with high expectations.
However, Nic Carter, co-founder of Coin Metrics and partner at Castle Island Ventures, deemed futures-based ETFs “inferior”. He believes that they don’t give any direct exposure to underlying assets. Saylor further explained:
The right answer is: let investors buy a trillion dollars worth of bitcoin via an ETF because the ETFs plug into the existing security structure, the existing prime brokerages, the existing collateral packages.
Meanwhile, the crypto market celebrates as its total market capitalization is nearing $3 trillion. BTC and crypto investor Lark Davis even tweeted about this joyous moment.
#crypto total market cap closing in on 3 trillion, could hit 100 trillion by the end of the decade. You are not super early, but you are definitely not late!
— Lark Davis (@TheCryptoLark) November 3, 2021
Despite its price climb from $45,000 per bitcoin to ATHs of $67,000 in early October, Bitcoin has recently lost its ground this week. On the other hand, competitors like Ethereum, Binance’s BNB, Cardano, Solana, and XRP clock in fresh highs.
Read more: https://coinquora.com/btc-bull-sees-trillions-of-dollars-inflow-market-close-to-3t/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
