Bitcoin spot ETF will be the biggest development on Wall Street in last 30 years, says Saylor.
The approval of a spot Bitcoin ETF could unleash enormous pent-up demand for the cryptocurrency, setting the stage for dramatic price increases in 2024, according to Michael Saylor, co-founder and executive chairman of MicroStrategy.
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In an interview on Bloomberg, Saylor argued that a spot Bitcoin ETF would provide mainstream investors with their first "high bandwidth compliant channel" to gain exposure to Bitcoin. This could drive a "2 to 10x increase in demand," he said. At the same time, Bitcoin's supply is set to tighten further in April when its halving event occurs, slashing the new supply generated each day by miners in half.
"We're expecting 2024 is going to be a major bull run for the asset class. We just don’t know how far the asset is going to run at this point," Saylor remarked.
With demand skyrocketing as supply falls, he predicted prices would go "higher."
Saylor believes a spot ETF would be "the biggest development on Wall Street in 30 years," on par with the creation of the first S&P 500 index fund in 1993 which gave mainstream investors effortless exposure to the broad stock market for the first time.
The outspoken Bitcoin advocate said MicroStrategy will continue utilizing leverage and cash flows to expand its Bitcoin holdings rather than liquidating to invest in a spot ETF.
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