Bitcoin Receives Seal of Approval from Michael Saylor, Drawing Inspiration from Stephen King’s ‘Shawshank Redemption’

"Shawshank Inmates Captivated as Michael Saylor's Bitcoin Endorsement Echoes Through Prison Walls"

In a recent video, Andy Dufresne, a character from the movie Shawshank Redemption, is seen listening to Michael Saylor endorsing Bitcoin as the “best crypto asset.” Saylor, a prominent figure in the cryptocurrency industry, emphasizes that there is no better alternative to Bitcoin. The scene depicts Dufresne turning up the volume on a gramophone record, allowing the entire Shawshank prison to hear and appreciate Saylor’s message, taken from one of his public interviews. The accompanying tweet for the video extract states, “It’s time to break free.”

However, according to Lark Davis, there is currently a “literal fee war” taking place among industry participants. Each company is striving to attract as many customers as possible by reducing their exchange-traded fund (ETF) fees. This reduction applies for the first half-year or until reaching a volume of $1 billion or $5 billion, depending on the company. Some of the companies involved in this fee war include BlackRock, Galaxy, and Ark Invest.

In terms of specific fees, Fidelity has set its Bitcoin spot ETF fee at 0.39%, WisdomTree at 0.5%, VanEck at 0.25%, and Valkyrie at 0.8%. Davis noted that these fees are much lower than what the community had anticipated. These companies are expecting a significant demand for their Bitcoin-based ETFs right from the start, and therefore, they are striving to make their products as appealing as possible. Davis predicts that a wave of capital will flow into Bitcoin, possibly starting this week.

Last week, Bitcoin experienced a 7% drop after Matrixport, a crypto asset management platform, published an article suggesting that the U.S. Securities and Exchange Commission (SEC) is unlikely to approve Bitcoin spot ETFs in January. The article also mentioned the possibility of a suspension until later in the year. This news prompted traders to liquidate their positions, resulting in approximately $730 million worth of crypto assets being wiped off the market, with Bitcoin and Ethereum being the most affected.

It is important to note that this article was originally published on U.Today, and all brand mentions have been excluded in accordance with the request.

Martin Reid

Martin Reid

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