MicroStrategy President Michael Saylor believes Bitcoin is showing greater potential than previously imagined with the launch of spot ETFs, which could soon outperform their traditional counterparts. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
The competition between Bitcoin ETFs and S&P 500 ETFs begins
📍MicroStrategy President Michael Saylor believes that the competition between Bitcoin ETFs and S&P 500 ETFs has already begun. During an interview at the Bitcoin Atlantis conference in Madeira, Saylor highlighted the impressive growth Bitcoin ETFs have experienced in just two months since their listing. He indicated that the success of these BTC investment products in the market will soon lead them to reach milestones that were unimaginable, both for him and for many experts.
According to Saylor, Bitcoin ETFs, primarily those offered by BlackRock and Fidelity, have begun to rival ETFs of the S&P 500, one of the most important stock market indices in the United States and the world.
saylor he highlighted which initially considered Bitcoin as a competitor to gold, however, now that spot ETFs have been approved, it has become clear how these funds are hot on the heels of the leading ETFs in the financial market. Currently, Bitcoin ETFs are among the 20 most traded ETFs worldwide, reaching volumes of up to $10.000 billion per day.
Arizona State Considers Investing in Bitcoin ETFs
📍A resolution proposing to include Bitcoin ETFs in retirement plans has been passed by the Arizona State Senate. According to Blockworks, this is a concurrent resolution that seeks to encourage investment in cryptocurrencies from state pension and retirement funds.
Arizona state legislators approved the resolution presented in a vote that ended with 16 votes in favor and 13 against, at the end of February, so now the support of the House of Representatives and the Senate is expected for its final approval. Although this resolution It would not have the same weight as a law, but it would allow pension funds and retirement plans to consider exposure to cryptoassets such as Bitcoin, through regulated products, such as spot ETFs.
Solana DEXs move over $2.000 billion a day
📍The trading volume of Solana-based DEXs exceeded $2.000 billion per day over the past 4 days. According to data from DeFi platform Llama, trading volume on decentralized exchanges based on the Solana blockchain has reached new all-time highs this week.
On March 5, according to the platform's data, the volume of Solana DEXs was $ 2.850 million dollars, setting a new record in the blockchain ecosystem. Over the past 4 days, DEXs on this network have been operating a trading volume exceeding $2.000 billion.
Source: DeFi Llama
MicroStrategy increases its offer to buy bitcoins
📍The business intelligence company has increased its private offering of convertible notes to $700 million. As reported by this media, MicroStrategy plans to invest the profits generated from these notes in the acquisition of new bitcoins.
The company had initially submitted a $600 million debt offering on Monday. However, on Wednesday, it issued a new one release reporting that it was adding an amount of $100 million to its private offering. In addition to this, the company also announced that the proceeds generated by this offering will be used for general corporate purposes.
Continue reading: MicroStrategy confirms $600 million private offering to invest in more Bitcoin
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
