MicroStrategy’s Saylor Foresees Bitcoin Surge Amidst ETF Expectations
Michael Saylor, co-founder of MicroStrategy Inc, is upbeat about Bitcoin's potential surge in value after a potential approval of a spot ETF by the US SEC, anticipating a substantial rise in demand for the cryptocurrency.
Saylor, known for advocating Bitcoin, predicts a tenfold increase in its value, unfazed by recent market fluctuations.
Despite Bitcoin‘s recent dip from around $36,000 to $34,300, Saylor remains committed, with MicroStrategy purchasing 155 Bitcoins for $5.3 million on November 1, affirming their confidence in the digital asset.
Speculation around a potential SEC approval for a Bitcoin ETF by January 2024 persists, with Saylor suggesting a shift from $12 billion to $6 billion in yearly natural selling due to increasing demand driven by spot Bitcoin ETFs.
Moreover, Bitcoin’s upcoming halving event in April 2024, cutting mining incentives by 50%, aligns with Saylor’s bullish stance.
At present, Bitcoin’s value hovers around $34,715, with a notable 24-hour trading volume close to $20 billion, marking continued activity in the cryptocurrency space.
READ MORE: MicroStrategy Ramps Up Bitcoin Holdings Amid Cryptocurrency Market Surge
Despite minor fluctuations, Bitcoin’s dominance remains evident, with its market value at $678 billion.
Discussion about scarcity and value amplifies as Bitcoin’s circulating supply approaches its 21 million cap.
Bernstein, previously skeptical, projects a potential $150,000 value for Bitcoin by 2025, contingent on a spot Bitcoin ETF approval, noting Bitcoin’s prior peak in November 2021 at over $69,000.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
