Bitcoin ETF

Bitcoin

Online

April

<p>Bitcoin bull Michael Saylor anticipates that the approval of a spot Bitcoin exchange-traded fund (ETF) could mark the most significant development on Wall Street since the early 1990s. He <a href="https://www.youtube.com/watch?v=6lIouw78-eU&amp;t=839s" rel="noopener noreferrer nofollow" target="_blank">likens</a> it to the creation of the S&amp;P index, highlighting its potential impact on mainstream retail and institutional investors. Michael Saylor suggests that a spot Bitcoin ETF would provide a crucial avenue for those who previously lacked a “high bandwidth compliant channel” to invest in Bitcoin.</p>
<h2 class="wp-block-heading" id="michael-saylor-anticipates-the-potential-etf-approval">Michael Saylor anticipates the potential ETF approval</h2>
<p>This anticipated ETF approval is seen as a major catalyst that could drive demand, followed by a “supply shock” in April during the Bitcoin halving event. Michael Saylor envisions a unique scenario where a substantial increase in demand coincides with a supply reduction in a scarce and desirable asset like Bitcoin. He predicts that 2024 could witness a significant bull run for the cryptocurrency. Saylor, the CEO of MicroStrategy, a business intelligence firm heavily invested in Bitcoin, affirms that the company will persist in its Bitcoin investment strategy.</p>
<p>The goal is to continually find ways to increase Bitcoin holdings for shareholders, whether through debt, equity, or business cash flows. MicroStrategy has played a role in providing traditional investors with exposure to Bitcoin’s price since it initiated Bitcoin purchases in 2020. Michael Saylor emphasizes that the company offers leverage without charging a fee, presenting an attractive option for long-term Bitcoin investors. MicroStrategy currently holds an impressive 174,530 BTC with an average purchase price of $30,252.</p>
<p>This substantial holding, valued at $7.3 billion at current prices, has yielded a $2.1 billion profit for MicroStrategy on its Bitcoin investment. Despite Michael Saylor’s current prominence as a staunch Bitcoin advocate, it’s interesting to note his stance a decade ago. A now-infamous tweet from him predicted the downfall of Bitcoin, stating, “#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.” This prediction did not materialize, and Saylor’s revised position aligns more closely with his current bullish stance on Bitcoin.</p>
<h2 class="wp-block-heading" id="anticipation-of-spot-bitcoin-etf-approval-continues">Anticipation of spot Bitcoin ETF approval continues</h2>
<p>He acknowledges the evolution of his perspective and the dynamic nature of the cryptocurrency market. Reflecting on historical data, Bitcoin’s price was $677 on December 19, 2013, when Saylor made his initial prediction. Since then, Bitcoin’s price has surged nearly 18-fold, reaching new heights before MicroStrategy entered into the market on August 11, 2020, with an initial purchase at approximately $11,650. Bitcoin analyst Dylan LeClair commends Saylor for reevaluating his position, emphasizing the importance of adaptability.</p>
<p>LeClair noted that the best measure of intelligence is the ability to change. Saylor’s journey from skepticism to becoming a prominent Bitcoin advocate underscores the evolving narrative surrounding cryptocurrencies. It is worth mentioning that the broader context of financial markets, including traditional sectors like online gambling, has not followed the pessimistic predictions made a decade ago. Online gambling, far from meeting its demise, has grown into a sizable industry with a total market size of $63 billion, as per Business Wire data.</p>
<p>Saylor envisions a pivotal role for a spot <a href="https://www.cryptopolitan.com/brian-armstrong-criticizes-us-bill-on-crypto/" data-type="post" data-id="426803" rel="noopener noreferrer nofollow">Bitcoin</a> ETF in driving mainstream adoption and foresees significant market developments in the coming years. MicroStrategy’s steadfast commitment to its Bitcoin investment strategy reflects its confidence in the long-term potential of the cryptocurrency. Saylor’s journey from skepticism to advocacy serves as a reminder of the dynamic nature of the crypto landscape, where adaptability and a willingness to reassess perspectives are crucial.</p>

Michael Saylor lauds the emergence of Bitcoin ETFs on Wall Street

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