MicroStrategy Founder Michael Saylor Believes Two Catalysts Will Trigger a Bitcoin Bull Run in 2024
According to MicroStrategy co-founder and executive chairman Michael Saylor, Bitcoin (BTC) will experience a significant price increase next year due to two key catalysts. In a recent Bloomberg interview, Saylor stated that the approval of a spot Bitcoin exchange-traded fund (ETF) will drive demand for the cryptocurrency, leading to a bull run in 2024.
Saylor emphasized the significance of spot ETFs, stating that their approval could be the most important development on Wall Street in three decades. He believes that mainstream investors and institutions have been waiting for a high-bandwidth channel to invest in Bitcoin, which will be provided by the spot ETFs once they are approved in January.
The Halving Event: Another Catalyst for Bitcoin’s Bull Run
In addition to the spot ETFs, Saylor highlighted Bitcoin’s halving event as another catalyst for a bull run. Set to occur in April 2024, the halving event will result in BTC miners receiving half of their current rewards.
Saylor explained that this event will cause a supply shock since it will reduce the number of Bitcoins available for sale by miners from 900 per day to 450 per day. He described this reduction as a significant development for the cryptocurrency.
Currently, Bitcoin is trading at $42,771.
Hot Take: Spot ETF Approval and Halving Event Expected to Drive Bitcoin’s Price Surge
MicroStrategy co-founder Michael Saylor predicts that two major catalysts will contribute to a significant increase in Bitcoin’s price in 2024. The approval of spot Bitcoin exchange-traded funds (ETFs) is expected to attract mainstream investors and institutions who have been waiting for a high-bandwidth channel to invest in the cryptocurrency. Saylor believes that this development will drive demand and create a bull run.
Additionally, Bitcoin’s halving event in April 2024, which will cut the rewards for BTC miners in half, is anticipated to cause a supply shock. With fewer Bitcoins available for sale by miners, the reduction is considered a significant factor that will contribute to Bitcoin’s price surge.
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