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Michael Saylor Celebrates Bitcoin Anniversary and Comments on Ethereum ETF

Michael Saylor marks his Bitcoin anniversary and shares insights on Ethereum ETF approval, discussing its impact on Bitcoin's institutional adoption.
Published on 2024-05-31

Michael Saylor's Bitcoin Milestone

Michael Saylor, the founder and executive chairman of MicroStrategy, is celebrating his personal Bitcoin anniversary. Four years ago, in 2020, Saylor made his initial purchase of Bitcoin, marking a significant moment in his journey as a major proponent of the cryptocurrency. August 2020 also saw MicroStrategy's first Bitcoin acquisition, using spare cash to add Bitcoin to its balance sheet. Since then, the company has consistently reported its Bitcoin acquisitions, known as "stacking Sats," with one Bitcoin comprising 100 million Satoshis. By the first quarter of 2024, MicroStrategy holds 214,400 BTC, valued at $7.538 billion USD.

Ethereum ETF Approval and Bitcoin's Future

In a recent appearance on the "What Bitcoin Did" podcast, Saylor addressed the approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). He suggested that this development could be advantageous for Bitcoin. The approval may enhance the cryptocurrency's reputation on Wall Street and lead to increased inflows into Bitcoin. This, in turn, could accelerate institutional adoption of Bitcoin and speed up purchases of spot Bitcoin exchange-traded funds, which were approved by the SEC earlier this year.

Divergent Views on Ethereum's Impact

Despite Saylor's optimistic view, not all Bitcoin enthusiasts agree. Samson Mow, CEO of Jan3, expressed skepticism, arguing that alternative cryptocurrencies do not benefit Bitcoin. Mow has been vocal in his bearish outlook on Ethereum, even suggesting that the approval of Ethereum ETFs presents an opportune moment to sell off Ethereum in favor of acquiring more Bitcoin. This highlights a divide within the crypto community on the implications of Ethereum's growing presence in institutional markets.

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