Spot Bitcoin ETF biggest Wall St development in 30 years

An advocate of Bitcoin, Michael Saylor, believes that approving a spot Bitcoin exchange-traded fund (ETF) might be a historic moment for traditional finance, similar to the S&P 500 index fund launch in the early 1990s. Saylor stated in a December 19 interview with Bloomberg that this could considered the most important Wall Street development in the last 30 years. He emphasized the revolutionary potential of a spot Bitcoin ETF, bringing mainstream access for retail and institutional investors who were previously unable to invest in Bitcoin through a “high bandwidth compliant channel.” Saylor also believes that an ETF of this kind could act as a major catalyst for demand, especially when combined with a “supply shock” predicted during the April halving event.

“ I don’t believe we’ve ever seen a two to tenfold increase in demand mixed with a half in supply in a precious, desired item that people want to own for a long time.”

“So I think we’re expecting 2024 is going to be a major bull run for the asset class,” Saylor said.

Saylor emphasized that in the future, MicroStrategy, the business intelligence company and Bitcoin holding company that he co-founded, will remain committed to its investment plan.

“Our goal is always to find a way to pursue more Bitcoin per share for our shareholders,” whether that be through debt, equity, or cash flows from the business, he explained.

 Since it started buying Bitcoin in 2020, MicroStrategy has played a significant role in providing traditional investors with exposure to the cryptocurrency’s price. Michael Saylor emphasized, “We don’t charge a fee; we just give [investors] leverage.” Therefore, for those who have been long Bitcoin investors, we provide something like a high-performance automobile.” According to Buy Worldwide’s most recent data, MicroStrategy currently has 174,530 BTC, with an average purchase price of $30,252. As of the time of publication, MicroStrategy had gained $2.1 billion on its investment, making this holding worth $7.3 billion at current market values.

From Bitcoin skeptic to maxi: Saylor’s infamous tweet turns 10

 Despite Michael Saylor’s present status as one of the most outspoken Bitcoin supporters, it is worth noting that a decade ago, he published a tweet that has since gained popularity, predicting the asset’s demise.

“The days of #Bitcoin are numbered.” It appears to be just a matter of time before it meets the same fate as internet gambling.”

The prediction of Bitcoin’s death a decade ago did not survive the test of time, much like the endurance of online gambling, which today has a market size of $63 billion, according to Business Wire data. Michael Saylor reconsidered his initial attitude around 2020, after spending hundreds of hours researching and convincing MicroStrategy’s board to include Bitcoin on the company’s balance sheet. According to CoinGecko, the price of Bitcoin on December 19, 2013, was $677, representing an almost 18-fold gain before MicroStrategy made its first BTC buy on August 11, 2020, at around $11,650. Dylan LeClair commended Saylor for reconsidering his stance on Bitcoin.

“The measure of intelligence is the ability to change,” LeClair told the audience.