$BTC
Bitcoin Spot ETF Biggest Development on Wall Street in Last 30 Years, Says Michael Saylor
A large increase in demand coupled with lower supply should set the stage for higher prices in 2024, he predicted.
MicroStrategy's Executive Chairman, Michael Saylor, asserts that the upcoming spot Bitcoin exchange-traded funds (ETFs) could be the most significant development on Wall Street in 30 years. Drawing parallels to the impact of S&P 500 ETFs, Saylor highlights the historical absence of a "high bandwidth" channel for mainstream investors to access Bitcoin, a gap he believes will be filled by spot ETFs.
Saylor predicts a dual impact on Bitcoin's market dynamics – a demand surge triggered by spot ETFs and an impending supply shock from the April halving event, reducing daily Bitcoin production from 900 to 450. While anticipating a substantial Bitcoin bull run in the coming year, Saylor refrains from specifying potential price increases.
Addressing concerns about a Bitcoin ETF diverting interest from MicroStrategy, often seen as a Bitcoin ETF proxy, Saylor underscores MicroStrategy's unique position as an operating company. Unlike ETFs, MicroStrategy can strategically leverage its cash flow for Bitcoin accumulation without imposing ownership fees, ensuring its resilience amid evolving market dynamics. In essence, Saylor envisions spot Bitcoin ETFs reshaping the crypto landscape, setting the stage for a significant bull run while emphasizing MicroStrategy's distinct advantage in navigating these changes.
