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Michael Saylor: Bitcoin ETFs Will Completely Replace Gold ETFs In The Next Two Years

Michael Saylor: Bitcoin ETFs Will Completely Replace Gold ETFs In The Next Two Years

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Answer Michael Saylor: Bitcoin ETFs Will Completely Replace Gold ETFs In The Next Two Years

As we touched on in previous articles on Arab Bitcoin, the US market witnessed the launch of the Bitcoin ETF linked to futures contracts in the market.

There has been a growing demand for Bitcoin with its spot prices on exchanges, which directly follow the underlying asset class, from institutional players as well as legislators.

Speaking at the Bloomberg Financial Innovation Summit on Thursday, November 4, Michael Saylor, a Bitcoin advocate and CEO of MicroStrategy, stated that Bitcoin ETFs will storm the financial markets over the next three years.

Saylor also added that Bitcoin ETFs will completely replace gold ETFs during this period.

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The CEO of MicroStrategy went on to say that Bitcoin will emerge as a primary asset class for the Western world and will eventually replace the $425 billion gold fund – the SPDR S&P 500 ETF Trust, SPY Index – . added Saylor as well:

To do this, we need a spot Bitcoin ETF.

Once these exchange-traded funds are rolled out, I think we’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flowing into them.

ETFs linked to futures contracts are poor offerings:

Although there are currently two Bitcoin futures ETFs – “ProShares” and “Valkyrie” – already trading in the market, they would not be a good choice for institutional players such as spot offerings.

Saylor said that futures-based Bitcoin ETFs are shoddy offerings but better than nothing.

Saylor further explained that ETFs are the right choice for institutions because they provide a structured framework for major players to participate in the asset class.

Saylor sees trillions of dollars of institutional money coming into bitcoin ETFs over the coming years.

Nick Carter, co-founder of Coin Metrics, said that futures-based products are shoddy, and Saylor agreed with his pitch as well, writing:

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Bitcoin spot ETFs will be more important than commodity ETFs of all time, likely attracting more than $100 billion in assets within a month or so.

Carter noted that Bitcoin ETFs are already being traded successfully in other countries such as Canada.

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He added:

They work great.

There is no explanation for the reservation at the higher levels here to agree to this product, which obviously should be there and will make life a lot easier for all kinds of different investors.

Earlier on Wednesday, two members of the US Congress wrote a letter to US Securities and Exchange Commission Chairman Gary Gensler proposing he approve a Bitcoin spot ETF explaining why a Bitcoin ETF is more suitable for investors over its futures-linked counterpart.

Read also:

The number of daily active bitcoin addresses exceeds the level of 1 million active addresses

The digital currency “Solana” hits a new all-time high and advances to fourth place


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