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MicroStrategy's Saylor Predicts Bitcoin Bull Run in 2024.
#MicroStrategy 's executive chairman, Michael Saylor, expects significant growth in the value of Bitcoin in 2024. This forecast is based on two important upcoming events: the approval of Bitcoin spot Exchange Traded Funds (ETFs) by January 10, 2024, and the Bitcoin halving event scheduled for April. Second, it will reduce the number of Bitcoins mined daily from 900 to 450.
Saylor, whose company has a large #Bitcoin portfolio, believes that these developments will trigger both demand and supply shocks in the market. In an interview with Bloomberg on Tuesday, he compared the potential impact of a spot Bitcoin ETF approved by the US SEC to historic Wall Street developments such as the introduction of S&P 500 index funds. This suggests that the approval of Bitcoin spot ETFs could be a pivotal moment that drives mainstream investors into the cryptocurrency space.
In anticipation of this potential upside, #MicroStrategy is not only continuing, but increasing its investment strategy towards Bitcoin. The company recently bolstered its holdings with a $5.3 million purchase when Bitcoin's price was above $34,000. This move is in line with analysts' strong expectations for ETF approval and indicates MicroStrategy's further accumulation strategy based on these forecasts.
MicroStrategy plans to use low-interest borrowing, or what Saylor calls "smart leverage" strategies, to further invest in the digital currency. This tactic is part of their preparation for anticipated market changes and underlines their confidence in Bitcoin's future value.
