Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: TomPluz on May 28, 2024, 09:57:25 AM

Title: Saylor: Bitcoin ETF is the "crossing of the chasm"
Post by: TomPluz on May 28, 2024, 09:57:25 AM

(https://www.tbstat.com/wp/uploads/2020/12/20201207_Michael_Saylor_Bitcoin-Daily-2-1200x675.jpg?isSafari=false&isMobile=false)

We now see and appreciate that the approval of Bitcoin ETFs in January by SEC paved the way for Bitcoin to enter the mainstream financial system and be recognized by Wall Street as one of the most bankable and viable asset to invest with. Now, investors who are choosing not to deal directly with Bitcoin can have the best option at hand while at the same participating in the growth as well as ups and downs of the digital asset created by Satoshi Nakamoto years ago.

As what MicroStrategy Chairman Michael Saylor said the Bitcoin ETF approvals in January were not only important but cemented Bitcoin’s size as an asset class. Saylor said “That was the crossing of the chasm which said that Bitcoin is not a multi-one hundred billion dollar asset class, bitcoin is a ten to 100 trillion dollar asset class.” (https://www.theblock.co/post/296892/bitcoin-etf-approval-was-the-crossing-of-the-chasm-for-its-asset-class-size-says-michael-saylor)

Akin to the idea of opening the Pandora's box, Bitcoin is now on the journey of no return to where it was and what will be is surely a very exciting to watch as we are all a part of this journey into its future.

While Michael Saylor surely appreciates the approvals by SEC, he is also heavily criticizing it on its overall attitude towards the cryptocurrency industry, saying "SEC has basically been very obstructionist and at war with the entire crypto industry, suing all of the crypto exchanges, suing all of the entrepreneurs, and we got a very minimalist embracing of bitcoin."

Do you share this sentiment by Mr. Saylor?






Title: Re: Saylor: Bitcoin ETF is the "crossing of the chasm"
Post by: Crwth on May 28, 2024, 10:02:17 AM
Well, I do see that the SEC is more out for the blood of investors and exchanges but they are sometimes in the right when those types of scammy exchanges are taking advantage of people. I have the same sentiment in terms of that but I don't think it will continue often now because the bad guys are getting more and more exposed and gotten rid of so maybe it could be the golden age of crypto now? Especially ETH being approved as well.
Title: Re: Saylor: Bitcoin ETF is the "crossing of the chasm"
Post by: tranthidung on May 28, 2024, 04:25:32 PM
Quote from: TomPluz on May 28, 2024, 09:57:25 AM
While Michael Saylor surely appreciates the approvals by SEC, he is also heavily criticizing it on its overall attitude towards the cryptocurrency industry, saying "SEC has basically been very obstructionist and at war with the entire crypto industry, suing all of the crypto exchanges, suing all of the entrepreneurs, and we got a very minimalist embracing of bitcoin.
Main capital of Saylor is in Bitcoin and the same for capital of MicroStrategy. It makes sense that he is a Bitcoin maximalist and his statements don't like he wants people to spend money to buy and invest in altcoins.

Think about his statements and his stance.

He is smart enough to know that if people use money to invest in altcoins, there will be less capital flows in Bitcoin market. This will affect demand and future price growth of Bitcoin. It's his main concern and he uses his statements to shill Bitcoin as much as possible.

On the other hand, we should recognize his contributions for Bitcoin community and market but damn, he is not Bitcoin God. I am against any idea like Bitcoin will die if some day Saylor no longer supports it.

See MicroStrategy portfolio in Bitcoin.
Title: Re: Saylor: Bitcoin ETF is the "crossing of the chasm"
Post by: Stompix on May 28, 2024, 06:16:33 PM
Quote from: TomPluz on May 28, 2024, 09:57:25 AM
Saylor said “That was the crossing of the chasm which said that Bitcoin is not a multi-one hundred billion dollar asset class, bitcoin is a ten to 100 trillion dollar asset class.”[/url]

Total global wealth is at $400 trillion!
That includes everything, deposits, stocks, real estate, everything!
Bitcoin is a 100 trillion asset, so capturing 25% of everything would be impossible, it would mean that basically everyone who owns a 100k house would have $25k inc coins, and for 3 trillion of Nvidia stock there will be 750 billion held in Bitcoin and what is most important global wealth doesn't represent liabilities, in case of MS for example:
they own 13 billion in coins but they have liabilities of 3.6 billion also.

Bitcoin reaching 4 million without massive devaluation of the $ would be impossible, it would also mean an average of 17k per over 14yo per person, this amount of wealth on its own would trigger an inflation that would make Argentina jealous!