Bitcoin ETF Approval Could Herald Wall Street’s Biggest Transformation Since the S&P Index Creation: Michael Saylor
Bitcoin advocate Michael Saylor has heralded the potential approval of a spot Bitcoin exchange-traded fund (ETF) as a seismic shift on Wall Street, akin to the monumental changes witnessed in the early 1990s.
Saylor, a prominent figure in the crypto space and CEO of MicroStrategy, expressed his belief in an interview with Bloomberg on December 19th that the introduction of a spot Bitcoin ETF could mark the most significant event in finance in the last three decades. Comparing its potential impact to the creation of the S&P index, which revolutionized the accessibility of S&P 500 companies for investors, Saylor emphasized the transformative power such an ETF could bring to the market.
The $BTC Spot ETF may be the biggest development on Wall Street in the last 30 years. My discussion of #Bitcoin in 2024, Spot ETFs vs. $MSTR, and the emergence of bitcoin as a treasury reserve asset with @KaileyLeinz on Bloomberg @Crypto. pic.twitter.com/QtPdBOhMDr
— Michael Saylor⚡️ (@saylor) December 19, 2023
Highlighting the critical nature of this development, Saylor noted that a spot Bitcoin ETF could pave the way for both retail and institutional investors, providing them with a streamlined and compliant avenue to invest in the cryptocurrency. He underscored its potential to generate a surge in demand, especially when coupled with the anticipated supply shock post the Bitcoin halving event scheduled for April.
Saylor’s projections for 2024 were bold, predicting a substantial bull run for the asset class. He anticipated an unprecedented increase in demand combined with constrained supply, a unique scenario that could significantly impact Bitcoin’s valuation.
MicroStrategy, under Saylor’s guidance, has been a frontrunner in advocating for Bitcoin investment strategies. With a substantial holding of 174,530 BTC, acquired at an average price of $30,252, the company stands at the forefront of the Bitcoin investment wave. At current market values, their Bitcoin holdings amount to a staggering $7.3 billion, reflecting a substantial profit of $2.1 billion on their initial investment.
Saylor reiterated MicroStrategy’s commitment to pursuing avenues to increase Bitcoin exposure for their shareholders, be it through debt, equity, or business-generated cash flows. He emphasized their role in providing traditional investors with leverage and no fees, essentially offering a high-performance vehicle for long-term Bitcoin investors.
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