‘Tillions and Dollars’ –Bitcoin Prepared for a Large Earthquake as the Price of Ethereum and Binance’s BNB. Solana, Cardano and XRP Soar

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Over the last month, the combined cryptocurrency markets have seen an explosive rise in Bitcoin prices. Binance’s BNB, Solana, Cardano, andXRP all show double-digit percentage growths.

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In part, the launch of the U.S. The recent drop in bitcoin has been despite new price targets. However, Ethereum and its smaller rivals have reached new highs.

Michael Saylor is a bullish purchaser of bitcoin and predicts that “trillions” of dollars will flow into it when the U.S. regulator approves a fully-fledged Bitcoin ETF. This will allow bitcoin to replace gold and make it an asset index for Western countries.

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While the bitcoin price rose through 2021, the bulk of the gains in the crypto market have been made since then.

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Saylor, chief executive officer of MicroStrategy’s business intelligence software firm MicroStrategy stated, “To do that, you need the spot ETF.” At Bloomberg’s Financial Innovation Summit he spoke. “And once these spots-let’s roll,” he stated.

Microstrategy has been transformed into a bitcoin acquisition vehicle by Saylor in the past year. He has bought more than 110,000 bitcoins. MicroStrategy’s $8 billion market capitalization is almost entirely comprised of its $7 billion worth of bitcoin holdings.

Saylor stated that he believes an U.S.-based spot Bitcoin ETF would act as an institutional ramp for investors seeking to gain exposure to bitcoin. MicroStrategy is still his preferred method to purchase bitcoin. These funds are already available in Canada, and other countries.

Two U.S. Bitcoin futures exchange traded funds were launched in October. Within a matter of days, the ProShares Bitcoin Strategy ETF received more than $1,000,000 worth of assets. Castle Island Ventures’ general partnership Nic Carter called futures-based ETFs inferior because they don’t give direct exposure to the underlying assets. Carter and Saylor stated that a spot Bitcoin ETF would soon be the most popular commodity ETF launch.

Saylor suggested that an ETF would allow investors to purchase bitcoins worth trillions of dollars. ETFs are easily integrated into the existing security framework and prime brokerages. They can also be used to supplement existing collateral packages.

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