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Michael Saylor, a renowned Bitcoin advocate, has declared the potential approval of a spot BTC exchange-traded fund (ETF) as possibly the most significant development on Wall Street in the last three decades.
Speaking with Bloomberg on December 19, Saylor compared this event to the historic creation of the S&P 500 ETF, highlighting its transformative potential for investment strategies.
The Potential of a Bitcoin Spot ETF
Saylor emphasized that a spot Bitcoin ETF could usher in a new era of investment, offering mainstream retail and institutional investors a compliant and efficient channel to invest in the asset.
This move is seen as a catalyst for unmatched demand, paving the way for a bullish trend in the cryptocurrency market.
According to Saylor’s predictions, the Bitcoin ecosystem is set for a major shake-up in 2024. He anticipates a surge in demand, coinciding with a significant event in the Bitcoin world – the halving, scheduled for April.
The $BTC Spot ETF may be the biggest development on Wall Street in the last 30 years. My discussion of #Bitcoin in 2024, Spot ETFs vs. $MSTR, and the emergence of bitcoin as a treasury reserve asset with @KaileyLeinz on Bloomberg @Crypto. pic.twitter.com/QtPdBOhMDr
— Michael Saylor⚡️ (@saylor) December 19, 2023
This event will reduce the daily production of Bitcoin, potentially leading to a supply shock. Saylor projects this unique combination of increased demand and decreased supply could dramatically increase Bitcoin’s value.
As the anticipation for the spot Bitcoin ETF grows, Saylor advises market observers not to underestimate its impact. The combination of a new, compliant investment channel and the upcoming halving event sets the stage for what could be a monumental year for Bitcoin and its investors.
Saylor’s assertions about the spot Bitcoin ETF signify a potential turning point for Wall Street, likening it to the revolutionary introduction of the S&P 500 ETF. If his predictions hold, 2024 could mark a historic year in the financial world, with Bitcoin at its center.
Saylor’s Evolution as a Bitcoin Advocate
Although Saylor is presently recognized as one of Bitcoin’s strongest proponents, it’s interesting to note that a decade ago, he posted a controversial tweet predicting the eventual collapse of this asset.
#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.
— Michael Saylor⚡️ (@saylor) December 19, 2013
2020 saw a shift in Saylor’s original stance. He also mentioned earlier that he devoted thousands of hours to understanding Bitcoin before persuading the board of MicroStrategy to incorporate the asset into the company’s balance sheet.
Under Saylor’s leadership, MicroStrategy has been a pivotal player in providing traditional investors access to Bitcoin. Since 2020, the company has acquired a significant amount of Bitcoin, amounting to 174,530 BTC, valued at approximately $7.3 billion.
Saylor confirmed that MicroStrategy would continue to invest in Bitcoin, exploring various avenues such as debt, equity, or business cash flows.
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