MicroStrategy Co-Founder Michael Saylor Discusses Potential Impact of Spot Bitcoin ETF Approval
Michael Saylor, co-founder of MicroStrategy and a Bitcoin advocate, recently spoke about the potential approval of spot Bitcoin exchange-traded funds (ETFs). He believes that this development could be one of the most significant events on Wall Street in the past three decades. Comparing it to the creation of the S&P Index, Saylor emphasized that spot ETFs would provide mainstream investors and institutions with a high-bandwidth compliant channel to invest in Bitcoin.
Bitcoin Demand and Supply Shocks
Saylor also mentioned that the approval of spot ETFs in January would lead to a “demand shock” in the market. This would be followed by a “supply shock” in April due to the Bitcoin halving. While he didn’t make a specific price prediction, Saylor suggested that 2024 would witness a major bull run for the asset.
MicroStrategy’s Bitcoin Holdings
MicroStrategy currently holds 158,245 BTC, making it the largest corporate holder of the cryptocurrency. These holdings are worth $6.8 billion according to CoinGecko.
CEO Samson Mow Comments on Bitcoin ETFs
Samson Mow, CEO of JAN3, shared his thoughts on Bitcoin ETFs as well. He noted that ETF issuers are primarily driven by profits and will compete aggressively for assets under management (AUM). Mow predicted that there would be intense competition among asset managers like BlackRock or Fidelity, who might advertise Bitcoin during events like the Superbowl.
Latest News on Bitcoin ETFs
BlackRock recently had another meeting with the Securities and Exchange Commission (SEC), bringing the total number of official SEC meetings with Bitcoin ETF applicants to 24. However, the dates for potential approvals remain unchanged. Bloomberg ETF analyst James Seyffart mentioned that the Jan 8-10 window is still being watched, although some approvals before that timeframe are unlikely. BeInCrypto previously reported that BlackRock had complied with SEC requirements regarding cash creations and redemptions.
Hot Take: The Potential Impact of Spot Bitcoin ETF Approvals
The potential approval of spot Bitcoin ETFs could be a game-changer for Wall Street and mainstream investors. It would provide a high-bandwidth compliant channel for investing in Bitcoin, attracting more traditional investors and institutions to the asset class. This could lead to significant demand and supply shocks in the market, with potential price increases in the future. As the largest corporate holder of BTC, MicroStrategy stands to benefit from these developments. However, competition among ETF issuers, such as BlackRock and Fidelity, will intensify as they strive to increase their assets under management and attract customers through aggressive marketing strategies.
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