Michael Saylor Calls Bitcoin ETF the Most Significant Development

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As the crypto community continues to await the potential approval of a spot Bitcoin ETF next year, Michael Saylor, the Chairman of MicroStrategy, sharing his thoughts on the subject, has said this might be the biggest development in Wall Street in the past 30 years.

According to the CEO in a recent Bloomberg interview, the approval of spot bitcoin ETF will onboard several traditional financial institutions and retail investors who hitherto could not access the digital asset due to compliance and regulatory concerns.

Furthermore, Saylor mentioned that the last thing significant in the space was “the creation of the S&P Index. Another significant thing is the ability to invest in all 500 S&P companies via one trade at the same time”.

Saylor Predicts a Bullish 2024

Michael Saylor has predicted a bullish 2024 for Bitcoin and the broader ecosystem, citing pivotal events likely to occur in the space.

Like many other analysts, Saylor believes that spot ETF approval will drive demand shocks for BTC. Also, the CEO mentioned that the upcoming halving that will reduce Bitcoin’s daily production from 900 to 450 will result in a supply shock. 

However, Saylor was careful not to make a price prediction for the digital asset. Recall that he had once said that Bitcoin will eventually reach a price of $250,000 as the industry will be BTC-focused post-SEC lawsuits.

Bitcoin ETF Approval to Shape Market Outlook

With the potential approval of a spot Bitcoin ETF around the corner, the cryptocurrency market is poised for a transformative influx of capital.

VanEck, a prominent investment management firm, has projected that the industry will enjoy a substantial influx of $2.4 billion into Bitcoin ETF products in early 2024.

Denial of Spot Bitcoin ETF Might be Dire for the Industry

Even though the actualization of a Spot ETF product is near, Nate Geraci believes that should the regulators fail to greenlight the many applications on its table, it could impact the industry negatively.

According to the crypto analyst, denial of a Bitcoin ETF will result in one of the largest rug pulls in the industry’s history. Meanwhile, the SEC has been in talks with some of the applicants for ETF products. The likes of industry giants, including BlackRock, Grayscale, and Fidelity, have submitted applications for an ETF product.

 

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