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“It’s pretty clear that Bitcoin is the only crypto asset that’s going to be approved for sale in the form of a spot ETF in the United States.”
They’re the words we heard from MicroStrategy (MSTR) founder and Executive Chairman, Michael Saylor, yesterday during their quarterly earnings call.
That statement may end up being true; but it also needs to be taken with a big ol’ grain of salt.
Why? Well, did we mention that MSTR holds 214,400 BTC? That’s ~$13B USD worth at today’s prices.
But regardless of any bag-bias, Saylor might end up being correct…
Bitcoin is the original cryptocurrency – it’s slow and inefficient, but boy if it ain’t secure!
We know there’s a lot of discussion about price fluctuations for BTC (heck, we’ve literally referred to it’s value in USD in this article already) but BTC’s real unique value proposition is nothing to do with the fact that it could go up in value.
(That’s a bi-product of it’s actual value proposition).
BTC is unique because it’s simply the oldest, most secure, store of value that exists in crypto.
Sure, people are trying to build smart contracts on top of the Bitcoin network and some have even proposed rollups.
But honestly, none of that really matters. Ask any Bitcoin maxi and they will tell you that BTC is like digital gold.
It’s important for the world to have alternative currencies to the US dollar because, as Jerome said yesterday, “inflation is still hotter than expected” and that’s probably to do with the fact that more USD can be printed at any time.
Unlike Ethereum, Solana, or any other altcoin, Bitcoin has one main objective: to be a digital store of value.
And to that end, Michael Saylor might just be right about it being the only crypto spot ETF ever approved in the US.
Let’s reassess in a few years 👴
