- Drawing parallels to transformative financial products like the S&P 500 ETF, Saylor anticipates a “demand shock” for Bitcoin, followed by a “supply shock” after the April halving event.
- Despite the anticipated approval of Bitcoin ETFs, Michael Saylor expresses confidence that MicroStrategy will continue to attract investors.
While the entire crypto community has been eagerly awaiting the launch of the spot Bitcoin ETF, MicroStrategy’s Michael Saylor weighed on why it could be a game-changing event.
During an interview with Bloomberg on Tuesday, December 19, Saylor shared his bullish outlook for Bitcoin in 2024. Saylor emphasized the potential game-changing impact of upcoming spot Bitcoin ETFs, suggesting that this development could be the most significant on Wall Street in three decades. “It’s not unreasonable to suggest that this might be the biggest development on Wall Street in 30 years,” said Saylor.
Drawing a parallel to the introduction of the S&P 500 ETF, he highlighted the transformative nature of these financial products, enabling investors seamless exposure to widely followed benchmarks.
According to Michael Saylor, mainstream investors have lacked a “high bandwidth” compliant channel for Bitcoin investment, be it at the individual or institutional level. Saylor contends that the introduction of the spot ETF is poised to change this landscape, creating a “demand shock” for Bitcoin.
He further predicts a subsequent “supply shock” following April’s halving event, reducing daily Bitcoin production to 450 from the current 900. This dual impact is expected to significantly alter the dynamics of Bitcoin investment.
The Securities and Exchange Commission’s (SEC) ongoing discussions with BlackRock Inc. regarding the proposed rule for a spot Bitcoin ETF have fueled optimism among analysts. Many experts now foresee the likelihood of multiple Bitcoin ETF approvals before January 2024. Grayscale Investments’ CEO, Michael Sonnenshein, has underscored the transformative potential of a spot Bitcoin ETF, suggesting it could “unlock” approximately “$30 trillion worth of advised wealth.” This anticipation signals the prospect of a substantial inflow into the Bitcoin market.
As of press time, Bitcoin is trading 0.67% down at $42,773 with a market cap of $837 billion.
Recommended for you:
- Buy Bitcoin Guide
- Bitcoin Wallet Tutorial
- Check 24-hour Bitcoin Price
- More Bitcoin News
- What is Bitcoin?
Subscribe to our daily newsletter!
No spam, no lies, only insights. You can unsubscribe at any time.