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.
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.