So far, the Securities and Exchange Commission has only approved ETFs that track contracts speculating on the future price of bitcoin, instead of the cryptocurrency itself.
“If there was a spot ETF, you’d be paying a 1% fee, and it wouldn’t be leveraged.
MicroStrategy, which was launched by Saylor in 1989, has been adding bitcoin to its corporate balance sheet for the last two years.
As bitcoin’s upswing began in earnest in October 2020, old-school, billionaire hedge fund managers like Stanley Druckenmiller reversed course and began buying bitcoin.
This kind of mainstream adoption is hugely important, because cryptocurrencies like bitcoin aren’t backed by an asset, nor do they have the full faith and backing of the government.
Saylor’s evangelism of bitcoin has helped to make him an A-lister in the community.
What I am doing, I think, is doing my best to lead the way and to normalize the bitcoin-backed financing industry,” said Saylor, who added that publicly traded crypto miner Marathon Digital also took out a credit line with Silvergate Bank.