Bitcoin ETFs to Revolutionize Wall Street, According to Michael Saylor
Michael Saylor, co-founder of MicroStrategy, recently discussed the potential impact of an upcoming approval for a Bitcoin ETF.
Before the holiday season, fund issuers have been in discussions with regulators to finalize the specifics. Saylor expressed to Bloomberg that the advent of spot Bitcoin ETFs could potentially mark one of the most significant moments on Wall Street in the past three decades. He likened it to the introduction of the S&P Index, enabling investment in multiple companies simultaneously.
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
Saylor highlighted that the current BTC investment landscape primarily involves hodlers and traditional crypto investors. The introduction of spot ETFs, he noted, would provide a broader avenue for mainstream investors and institutions to participate in this asset class, anticipating a surge in demand in January followed by a subsequent supply shock in April due to the halving.
Although Saylor refrained from making a specific price prediction, he hinted at a substantial bullish phase for Bitcoin in 2024. MicroStrategy, boasting 158,245 BTC valued at $6.8 billion, stands as the largest corporate holder of the cryptocurrency.
Major asset managers like BlackRock and Fidelity are anticipated to leverage aggressive advertising, with the potential of Bitcoin featuring in Super Bowl commercials. BlackRock recently held another meeting with the Securities and Exchange Commission (SEC), marking the 24th official SEC meeting among current Bitcoin ETF applicants, according to Bloomberg ETF analyst James Seyffart.