Dan Bergin
MicroStrategy founder and Bitcoin advocate Michael Saylor called Bitcoin a “bank of cyberspace” run by incorruptible software.
Read U.TODAY
google news
In a recent post on the The company said it would offer a savings account.
His message came after BlackRock added major U.S. banks as participants in its Spot Bitcoin exchange-traded fund (ETF).
Wall Street is bullish
BlackRock updates its Bitcoin ETF prospectus on April 5, adding new Wall Street giants such as ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities added as an authorized participant.
These large companies join other companies such as JPMorgan Securities, Jane Street Capital, Macquarie Capital and Virtu Americas as Authorized Participants. Authorized Participants play an important role in the ETF operating mechanism by facilitating the creation and redemption of ETF shares.
card
This process involves exchanging ETF shares for a corresponding basket of securities reflecting the ETF's holdings or for cash.
This news contributed to the recovery of BTC price, which had fallen significantly earlier this week.
On Thursday, the Bitcoin Spot ETF saw net inflows totaling $213 million, marking the third consecutive day of net inflows. As a result, Bitcoin ETF trading volume soared in March, reaching over $111 billion.
MicroStrategy's potential breakthroughs
MicroStrategy, known as the world's largest corporate Bitcoin holder with approximately 200,000 BTC, has seen its stock price drop significantly this week, dropping more than 25%. This drop in MSTR stock is roughly in line with the recent slump in Bitcoin (BTC) prices.
Even though MicroStrategy bought a large amount of Bitcoin, the stock price exceeds It has a huge lead over Bitcoin. While the price of Bitcoin rose 50%, MSTR stock rose a whopping 150% before the recent correction began.
Longtime Bitcoin supporter Michael Saylor has been vocally bullish on Bitcoin, despite its recent volatility.he repeated He expressed his commitment to Bitcoin and said he intends to continue purchasing the cryptocurrency “indefinitely.”
About the author
Dan Bergin
