“It May Be the Biggest Development on Wall Street in the Last 30 Years”, Says Michael Saylor About Upcoming Spot Bitcoin ETF

bitcoin microstrategy featured
Table of Contents

Michael Saylor, the CEO of MicroStrategy (MSTR), recently emphasized the significance of the upcoming Bitcoin ETFs on Wall Street. During an interview on Bloomberg TV, Saylor suggested that this development could be the most relevant on Wall Street in the last 30 years, comparing it to the introduction of the S&P 500 ETF, which allowed investors convenient access to that widely followed index.

Saylor emphasized that until now, conventional investors, both at the individual and institutional levels, have not had a “high-capacity” and regulatory-compliant channel to invest in Bitcoin. He anticipates that the introduction of Bitcoin ETFs will change this dynamic, generating a demand shock for BTC. This growing demand will be followed by a supply shock in April 2024, coinciding with the halving event, which will reduce Bitcoin’s daily production from 900 to 450.

The combination of increasing demand and reduced supply lays the foundation for a significant bullish rally for BTC in the coming year, according to Saylor. However, he refrained from speculating on the magnitude of the price increase.

Bitcoin etf

Could the Launch of Bitcoin ETFs Be a Problem For MicroStrategy?

Addressing concerns about whether a BTC ETF might divert investor demand away from MicroStrategy, often considered a proxy for a Bitcoin ETF, Saylor clarified that MicroStrategy is an operational company. It can use its cash flow or “intelligent leverage” to increase its BTC holdings. Additionally, unlike ETFs, there are no fees associated with owning MicroStrategy.

Undoubtedly, the future resolution of Bitcoin ETFs has the entire crypto community on edge. Many, like Saylor, anticipate an increase in BTC demand driven by mainstream investors, leading to a bullish market in 2024, complemented by the imminent supply shock due to the halving event. For now, we await confirmation from the SEC, and subsequently, we will see what impact they have on the leading cryptocurrency.


Follow us on Social Networks

Crypto Tutorials

Crypto Reviews