As the countdown towards early approval of bitcoin ETFs continues, investors and issuers are anxiously awaiting the decision from the US Securities and Exchange Commission (SEC).
The looming deadline has raised hopes of a successful conclusion, which would bring about a significant shift for the leading digital asset and the cryptocurrency industry as a whole.
In an appearance on Bloomberg TV on Tuesday, bitcoin-will-go-on-bull-run-in-2024-saylor-says-video?cmpid%3D=socialflow-twitter-markets&utm_medium=social&utm_source=twitter&utm_campaign=socialflow-organic&utm_content=markets&sref=3REHEaVI” target=”_blank” rel=”noopener nofollow”>Michael TaylorCEO of MicroStrategy, stated that markets should not underestimate the importance of upcoming bitcoin spot ETFs.
Saylor made a bold claim during an interview Tuesday with BloombergTV, suggesting this would be the “biggest development on Wall Street” in the last three decades.
He said:
“It's not unreasonable to suggest that this could be the biggest development on Wall Street in 30 years.”
bitcoin ETF would open a channel for institutional investors – Saylor
Citing comparisons, he cites the S&P 500 ETF as the most similar example, emphasizing its launch as a revolutionary financial instrument that gave investors simple, one-click access to the widely followed index.
Saylor went into more detail about the importance of a bitcoin spot ETF, highlighting how its launch would open a channel for both institutional and regular investors.
For people who had not previously had access to a “high-bandwidth compatible path” to investing in bitcoin, this would be very revolutionary.
bitcoin inches closer back to the $44K territory. Chart: TradingView.com
Essentially, the ETF would act as a gateway, democratizing the process of entry into the cryptocurrency space and encouraging a broader range of investors to participate.
He $btc Spot ETF may be the biggest development on Wall Street in the last 30 years. my discussion of bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin in 2024, spot ETFs vs. $MSTRand the emergence of bitcoin as a treasury reserve asset with @KaileyLeinz on Bloomberg crypto?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>@crypto. pic.twitter.com/QtPdBOhMDr
—Michael Saylor (@saylor) December 19, 2023
He said the approval will cause a “demand shock,” highlighting the fact that ETFs will provide institutional investors with a legal way to invest in this asset class.
Bullish momentum for bitcoin in sight
Demand is expected to increase along with the expected halving of bitcoin assets in the second quarter of 2024, which would lead to a large market rally.
Saylor stated that all the variables coming into play indicate that there will be significant bullish momentum for bitcoin next year.
He was confident in the general bullish direction, although he refrained from making particular predictions about the magnitude of this increase. This highlights the favorable convergence of factors that he believes will lead to a substantial bull run for bitcoin over the next year.
Saylor stated that MicroStrategy, his bitcoin holding company and business intelligence firm, will maintain its btc investment plan for the time being.
At the time of writing, BTCUSD was trading at $43,904, up 2.5% and 2.2% in the last 24 hours and seven days, respectively, Coingecko data shows.
Featured image from Michael.com
