Approval of the Spot Bitcoin ETF could be Wall Street’s biggest milestone in 30 years.

Prominent bitcoin advocate Michael Saylor has announced the approval of the BTC exchange-traded fund (ETF), one of the most significant developments on Wall Street over the past three decades.

Speaking to Bloomberg on Dec. 19, Saylor compared this event to the historic creation of the S&P 500 ETF, highlighting its transformative potential for investment strategies.

The potential of the Bitcoin Spot ETF

Sailer emphasized that the One Place Bitcoin ETF will usher in a new era of investment, providing a compliant and efficient channel for mainstream retail and institutional investors to invest in the asset.

This move is a boost to asynchronous demand and paves the way for a bullish trend in the cryptocurrency market.

According to Saylor's forecast, the Bitcoin ecosystem is set for a major shake-up in 2024. It is estimated that demand will increase, if there is a major event in the world of Bitcoin – a halving, planned for April.

The $BTC Spot ETF may be the biggest development on Wall Street in the last 30 years. My discussion on #Bitcoin in 2024, Spot ETFs vs. $MSTR, and the emergence of bitcoin as a treasury asset with @KaileyLeinz on Bloomberg @Crypto. pic.twitter.com/QtPdBOhMDr

— Michael Saylor⚡️ (@saylor) December 19, 2023

This event reduces the daily production of Bitcoin, which can lead to a supply shock. Saylor projects that this unique increase in demand and decrease in supply could significantly increase the price of Bitcoin.

As the space's Bitcoin ETF speculation continues to grow, Saylor advises market watchers not to underestimate its impact. The combination of a new, compliant investment channel and the upcoming halving event sets the stage for what could be a great year for Bitcoin and its investors.

Saylor's assertions about the position's Bitcoin ETF, synchronizing it with the S&P 500 ETF's revolutionary introduction, signal a turning point for Wall Street. If his predictions hold, 2024 could mark a historic year in the financial world, with Bitcoin at the center.

Saylor's evolution as a Bitcoin advocate

Although Saylor is known to be one of Bitcoin's staunchest supporters these days, it's worth noting that he posted a controversial tweet a decade ago predicting the asset's collapse.

#Bitcoin days are numbered. As with online gambling, its fate seems to be a matter of time.

– Michael Saylor⚡️ (@saylor) December 19, 2013

2020 saw a change in Seiler's original position. He also previously mentioned that he devoted thousands of hours to understanding Bitcoin before convincing MicroStrategy's board to include the asset on the company's balance sheet.

Under Saylor's leadership, MicroStrategy is a critical player in providing access to Bitcoin for traditional investors. As of 2020, the company has acquired the largest amount of Bitcoin worth 174,530 BTC, worth approximately $7.3 billion.

Saylor confirmed that MicroStrategy will continue to invest in Bitcoin, exploring different avenues such as debt, equity or trade cash flows.