Michael Saylor, CEO and co-founder of MicroStrategy Inc, anticipates a substantial increase in the value of bitcoin following the approval of a spot ETF by the US Securities and Exchange Commission, and a subsequent increase in the demand for the leading cryptocurrency.
Saylor, recognized as a bitcoin advocate, reaffirmed his belief in the unparalleled potential of bitcoin, foreseeingbitcoin-will-10x-from-here-michael-saylor/ar-AA1jhZmI” target=”_blank” rel=”noopener nofollow”> a tenfold increase in value.
This week, bitcoin hovered around the $36,000 mark, narrowly missing it before falling back to $34,300. The abrupt correction followed a nearly 25% rise over the past month, prompting some traders to cash in on gains and market participants to reevaluate the driving forces behind the rally.
“When responsible banks and custodians manage bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin And the industry looks away from all the shiny little tokens that have distracted and demolished shareholder value, I think the industry moves to the next level and we grow tenfold from here.” @saylor to @SaraEisen pic.twitter.com/sVKugHt7Tx
—Brad Mills (@bradmillscan) November 2, 2023
SEC bitcoin and ETF Outlook Resilience
Although the intraday decline of almost 5% signaled what some analysts call a “cooling off phase,” several market observers maintain a crypto/markets/michael-saylor-with-institutional-interest-shifting-to-bitcoin-we-10x-from-here” target=”_blank” rel=”noopener nofollow”>Positive outlook on cryptocurrencies.
Despite the volatility, Saylor was unfazed by the erratic price action. On November 1, MicroStrategy’s announcement to purchase 155 Bitcoins for $5.3 million showed an unwavering commitment to the cryptocurrency, underscoring the resilience of those who continually support bitcoin through market fluctuations and price changes.
In October, @MicroStrategy acquired an additional 155 btc for $5.3 million and now owns 158,400 btc. Join us at 5 pm ET as we discuss our third quarter 2023 financial results and answer questions about the outlook for #Business Intelligence and bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin. $MSTR https://t.co/w7eRUcGobi
—Michael Saylor (@saylor) November 1, 2023
The SEC is currently reviewing many bitcoin ETF applications after a prolonged period of delay. According to numerous analysts, it is widely speculated that approval could come as early as January 2024.
Image: Screen grab from CNBC
During his conversation with CNBC, Saylor conveyed that $12 billion annually in natural sales is expected to turn into $6 billion annually, aligning with growing demand for bitcoin driven by spot bitcoin ETFs.
He underlined the prevailing bullish outlook, emphasizing the potential of the next 12-month period as a result of the expected increase in demand and a simultaneous reduction in supply, “and this is unprecedented in the history of Wall Street,” he said.
bitcoin currently trading at $34,835 territory. Chart: TradingView.com
Key factors driving Saylor’s conviction about the future of cryptocurrencies
Saylor’s conviction in the cryptocurrency further stems from the convergence of several upcoming bitcoin-related developments over the next year. First of all, it is important to note that bitcoin is scheduled to undergo a “halving” event in April 2024.
This event will result in a 50% reduction in bitcoin mining incentives, significantly decreasing the amount of bitcoin miners are expected to introduce to the market.
With a valuation of $34,715 at the time of writing, according to figures from CoinMarketCap, and an impressive 24-hour trading volume of nearly $20 billion, bitcoin is holding firm and indicating a flurry of activity in the cryptocurrency space.
Image: Shutterstock
Down a measly 2.1%, bitcoin remains the market leader with a market value of $678 billion, proving its unwavering dominance. This developing narrative is fueling conversations about scarcity and value as bitcoin‘s circulating supply approaches the 19 million mark, which is close to its finite limit of 21 million.
Meanwhile, a significant development occurred when Bernstein, an investment research firm that had previously expressed doubts about bitcoin‘s prospects, recently issued an optimistic forecast. They projected that by 2025, the cryptocurrency could be worth $150,000, if there was a real chance of a spot bitcoin ETF gaining approval. It is important to remember that bitcoin reached its highest point in November 2021, briefly surpassing $69,000.
Featured image from iStock
