This is an important milestone on the way to institutional adoption. I think it’s important, but I don’t think bitcoin will grow to $5 million overnight,” said Michael Saylor.

The approval of applications for a spot ETF for BTC will make it clear to investors that the first cryptocurrency is a legitimate asset, he explained. If the SEC approves the applications for this asset, the user “can click the button and purchase $10 million worth of BTC in 30 seconds.