Major Demand Shock Expected for Bitcoin with Spot ETF Approval, Says Michael Saylor
Michael Saylor, the founder of MicroStrategy and a prominent advocate for Bitcoin adoption, believes that the approval of a spot Bitcoin ETF in January 2024 could result in a significant demand shock for the cryptocurrency. Speaking to Bloomberg, Saylor emphasized the potential impact of the ETF approval, comparing it to the launch of S&P 500 index funds in the stock market. He predicted that Bitcoin would experience a bull run in 2024 and highlighted the supply shock that could be triggered by the Bitcoin Halving event scheduled for Q2 2024. The current BTC price is approximately 13% higher than a month ago.
MicroStrategy’s BTC Accumulation Continues
MicroStrategy, currently the largest institutional holder of Bitcoin, is likely to continue accumulating the cryptocurrency based on the optimistic outlook. The company recently purchased $5.3 million worth of BTC when its price was above $34,000. MicroStrategy started accumulating BTC in August 2020 and now holds a total of 158,400 Bitcoin.
Potential Approval Ahead of SEC Deadline
There is speculation that the spot ETF may be approved before the SEC’s January 10 deadline. Analysts estimate a 98% chance of approval and note that firms like Blackrock have been engaging in frequent meetings with SEC officials. This indicates a positive sentiment towards ETF approval within the industry.
Hot Take: Spot ETF Approval Could Ignite Bitcoin’s Bull Run
If the spot Bitcoin ETF receives approval from the SEC in January 2024, it could have a transformative effect on the cryptocurrency market. Michael Saylor’s prediction of a major demand shock aligns with expectations of increased investor interest and mainstream adoption. The potential supply shock triggered by the Bitcoin Halving event further adds to the bullish outlook. As the crypto community eagerly awaits the SEC’s decision, the approval of a spot ETF could pave the way for Bitcoin’s next significant price surge.
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