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Simply Bitcoin
$49T Bank Confirms Billionaires $5M Bitcoin Prediction | EP 1086
Sep 30, 2024
Michael Saylor, a prominent cryptocurrency advocate known for his bullish Bitcoin predictions, discusses a significant breakthrough with BNY Mellon gaining approval to custody Bitcoin. He outlines three crucial milestones that could propel Bitcoin to $5M per coin, including the recent ETF approval and new accounting rules. The conversation dives into the importance of self-custody, the risks of traditional banking, and how Bitcoin empowers financial independence in the face of systemic wealth inequality.
01:19:02
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Quick takeaways
- BNY Mellon's approval for Bitcoin custody marks a crucial step towards legitimizing Bitcoin in traditional financial systems.
- Michael Saylor's prediction of Bitcoin reaching $5M relies on a spot ETF and financial rule changes, now both achieved.
Deep dives
BNY Mellon's Approval and its Impact
Recently, BNY Mellon received approval for cryptocurrency custody beyond Exchange-Traded Funds (ETFs), a significant stride in legitimizing Bitcoin within traditional finance. This development aligns with Michael Saylor's predictions about the need for three major catalysts for Bitcoin to reach a staggering value of five million dollars per coin. Among these components is the establishment of a spot Bitcoin ETF, which has now been approved, alongside changes to accounting rules that will positively reflect Bitcoin's value on balance sheets. This pivotal approval not only allows the custody of Bitcoin and Ethereum but also sets the stage for large financial institutions to securely integrate digital assets into their services.
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