Potential Bitcoin ETF Approval Could Spark Major Wall Street Transformation, Says Bitcoin Advocate Michael Saylor
Summary:
Bitcoin enthusiast Michael Saylor predicts that the potential approval of a spot Bitcoin exchange-traded fund (ETF) could be Wall Street's biggest advancement since the early 1990s, possibly sparking a major investment boom in 2024. MicroStrategy, Saylor's business intelligence firm that also serves as a Bitcoin reserve, aims to amass more Bitcoin per share for its shareholders. Currently, MicroStrategy holds 174,530 BTC, now valued at $7.3 billion, marking a profit of $2.1 billion. Despite initially predicting Bitcoin's downfall a decade ago, Saylor reversed his skepticism after extensive research on Bitcoin.
Bitcoin champion Michael Saylor claims that the prospective approval of a Bitcoin (BTC) exchange-traded fund (ETF) could be Wall Street's most significant progression since the early part of the 1990s. In his view, the advent of a spot Bitcoin ETF - a hub for instituting trade in real-time - may revolutionize Wall Street in a way unseen since the advent of the S&P index and the simultaneous ability to trade in the 500 S&P companies as one. The Bitcoin ETF could serve as a gateway for mainstream institutional and individual investors to invest directly in Bitcoin, a prospect heralded by Saylor as a "major catalyst" for demand.
Additionally, Saylor speculates that a substantial "supply shock" could follow as a result of the Bitcoin halving event in April, resulting in a drastic surge in demand. Such scenario, Saylor predicts, could mean 2024 ushers in a substantial investment boom in this asset class. The business intelligence firm MicroStrategy, essentially a Bitcoin reserve for Saylor, will persist with its Bitcoin investment stratagem, with the goal of accruing more Bitcoins per share for shareholders by all feasible means.
MicroStrategy has been a conduit for traditional investors to tap into Bitcoin's price since 2020, offering a high-performance method of investment for Bitcoin long investors, without charging interest. Notably, MicroStrategy has been extremely successful in this endeavor, owning 174,530 BTC, averaging $30,252 in purchase cost as per Buy Bitcoin Worldwide's data. Currently, the holdings are valued at $7.3 billion, yielding a profit of $2.1 billion.
Despite his present zealous advocacy for Bitcoin, a decade ago, Saylor was skeptical, foreseeing Bitcoin's downfall. Fast forward to 2020, and Saylor adjusted his stance and reversed his skepticism after studying Bitcoin thoroughly. Interestingly, Bitcoin's price has surged exponentially from $677 in 2013 to around $11,650 when MicroStrategy first invested.
His evolution of thinking regarding Bitcoin has elicited praise from Bitcoin analyst Dylan LeClair, who commended Saylor for his willingness to change his views. Subsequently, Lyn Alden, who was largely ignored by traditional financial analysts when predicting the rise of BTC, now suggests that Bitcoin will continue to climb in value, reaching seven-figure sums.
Published At
12/20/2023 4:10:07 AM
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