MicroStrategy CEO Declares 2024 as the Year of Bitcoin
Michael Saylor, the former CEO and co-founder of MicroStrategy, recently took to Twitter to proclaim that 2024 will be the year of Bitcoin. This bold declaration comes as the United States Security and Exchange Commission (SEC) approaches its deadline for deciding on the approval or denial of Spot Bitcoin Exchange Traded Funds (ETF). Several asset management companies have submitted applications for Spot Bitcoin ETFs, but the SEC has delayed them due to concerns about investor security and market manipulation. However, industry experts, including Bloomberg analysts, predict a 90% chance of the SEC approving these ETFs by January. This anticipation has sparked discussions about a potential surge in BTC’s price once ETFs are approved.
Bitcoin Halving and MicroStrategy’s Accumulation
In addition to the potential approval of Spot Bitcoin ETFs, there is also anticipation surrounding the upcoming Bitcoin halving scheduled for April 2024. This event is expected to have a significant impact on BTC’s price. Furthermore, MicroStrategy’s recent massive accumulation of BTC strengthens Saylor’s optimistic outlook for Bitcoin in 2024. The company purchased approximately 14,620 BTC valued at $615 million on December 27, 2023. This purchase is just a fraction of MicroStrategy’s total BTC holdings, which currently amount to 189,150 BTC worth $5.90 billion with an average price of $31,168.
BTC Surges Past $45,000 at the Start of 2024
The new year started with an exciting development for Bitcoin as it soared past the $45,000 price mark. This surge sets a positive tone for Bitcoin enthusiasts like Michael Saylor who hope for a prosperous year for the leading cryptocurrency. At the time of writing, Bitcoin is trading at $45,008.98, experiencing a 6% increase earlier in the day and reaching a 21-month high of over $45,300. Other cryptocurrencies like Ethereum and Solana also saw an uptick in their prices following Bitcoin’s surge.
Hot Take: Bitcoin’s Promising Outlook for 2024
With the approaching deadline for the SEC’s decision on Spot Bitcoin ETFs and the anticipation surrounding the Bitcoin halving, 2024 holds significant potential for Bitcoin. If the SEC approves these ETFs as predicted by industry experts, it could lead to a surge in BTC’s price. Additionally, MicroStrategy’s substantial accumulation of BTC demonstrates confidence in Bitcoin’s future. The recent surge past $45,000 at the start of 2024 further reinforces positive sentiment. Overall, there are several factors aligning that make 2024 an exciting year for Bitcoin enthusiasts and investors.
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