Michael Saylor, CEO of MicroStrategy, was very optimistic about the potential approval of a Bitcoin spot ETF, believing it would represent the “biggest development on Wall Street over the last 30 years”. He also gave his opinion on the medium-term future of Bitcoin, and was very confident.
Michael Saylor very optimistic about the future of Bitcoin
Interviewed by Bloomberg, Michael Saylor, MicroStrategy’s head of pro-Bitcoin, gave his opinion on the possible approval of one or more Bitcoin cash ETFs. And that opinion is pretty clear-cut: according to Saylor, the arrival of a spot BTC ETF could purely and simply mean “the biggest development on Wall Street in the last 30 years” :
The $BTC Spot ETF may be the biggest development on Wall Street in the last 30 years. My discussion of Bitcoin in 2024, Spot ETFs vs. $MSTR, and the emergence of bitcoin as a treasury reserve asset with @KaileyLeinz on Bloomberg @Crypto pic.twitter.com/QtPdBOhMDr
– Michael Saylor⚡️ (@saylor) December 19, 2023
The CEO of MicroStrategy, incidentally the company that holds the most Bitcoins in the world, explained that Bitcoin spot ETFs could represent a considerable entry route for many retail and professional investors.
“The last thing that was so important was the creation of the S&P index and the ability to invest in all 500 S&P companies through a single transaction at the same time. “
Michael Saylor was also particularly optimistic about the near future of the Bitcoin price, referring to the upcoming halving, a quadrennial event dividing the BTC rewards received by digital gold miners by 2.
“I don’t think we’ve ever seen a 2-10x increase in demand, and that combined with a halving of supply of a rare and desirable asset that people want to hold for a long time. So I think we can expect 2024 to be a major bullish year for the asset class. “
MicroStrategy is by far the company that holds the most BTC. According to its latest report, it holds 174,530 units, equivalent to around $7.55 billion.
Michael Saylor didn’t want to make any specific predictions for the future of Bitcoin’s price, but he did say that 2024 would be “a year of strong growth” for the king of cryptocurrencies in any case.
BTC spot ETFs, catalysts of the bull run?
With around 3 weeks to go before the Securities and Exchange Commission (SEC) has to rule on the demand for Bitcoin spot ETFs, the marketing race was recently unleashed by Bitwise, which unveiled its advertising campaign featuring BTC in the spotlight:
– Bitwise (@BitwiseInvest) December 18, 2023
A more significant event than it seems, according to Samson Mow, CEO of JAN3 and Pixelmatic, for whom “Most people don’t understand the importance of ETFs in terms of marketing and branding. “
“First, they’re in it for the money, not necessarily because they believe in Bitcoin (so don’t do the simps). To get dollars, they need AUM [assets under management, Editor’s note]. So everyone wants to be No. 1. It’s a competition. […] Secondly, they’re not going to sit back and hope to win. No, they’re going to fight for assets under management and clients. How do companies fight? They advertise and market. Case in point: Bitwise. This battle for the orange glow is going to escalate like you can’t imagine. “
Will the narrative surrounding Bitcoin cash ETFs live up to the hype on January 10, or create disappointment? We should find out soon.