Spot Bitcoin ETF Biggest Wall St. Development in 30 Years: Michael Saylor
The approval of a Bitcoin (BTC) exchange-traded fund (ETF) could be the biggest development on Wall Street since the early 1990s, according to Bitcoin Bull's Michael Saylor.
“It's not unreasonable to suggest that this could be the biggest development on Wall Street in 30 years,” Salor said in a Dec. 19 interview with Bloomberg.
The end result is the creation of an S&P index and the ability to invest in all 500 S&P companies at the same time.
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
Sayler explained that the One Place Bitcoin ETF will open the door to mainstream retail and institutional investors who have previously been unable to access a “high-bandwidth compliant channel” to invest in Bitcoin.
This ETF will be the main driving demand, followed by a “supply shock” when Bitcoin's halving event occurs in April, Salor said.
“I don't think we've seen a 2x to 10x increase in demand combined with availability and supply in a desirable asset that people want to hold for a long time.”
“So we are expecting 2024 to be a major bull run for the asset class,” Salor said.
Saylor Microstrategy – the business intelligence company and Bitcoin holding company – has confirmed that it will continue its Bitcoin investment strategy in the future.
“Our goal is always to find a way to pursue more bitcoins for our shareholders,” he explained, whether through debt, equity or cash flows from the business.
Microstrategy has provided traditional investors with exposure to the value of Bitcoin since it began buying Bitcoin in 2020. [investors with] We do not ask for benefits or fees. [So] We offer a high-performance vehicle for people who are long Bitcoin investors,” Salor said.
Saylor Micro Strategy now has 174,530 BTC with an average purchase price of $30,252, according to data from Buy Bitcoin Global. At current prices, that's worth $7.3 billion, and at the time of publication, MicroStrategy has raised $2.1 billion in Bitcoin investments.
From Bitcoin Skeptic to Maxi: Saylor's Infamous Tweet Turns 10 Years Old
Although Saylor is widely recognized as one of the most outspoken advocates of Bitcoin today, just 10 years ago, he published a now-famous tweet predicting the asset's collapse.
“#Bitcoin's days are numbered. As with online gambling, its fate seems to be a matter of time.
#Bitcoin days are numbered. As with online gambling, its fate seems to be a matter of time.
– Michael Saylor⚡️ (@saylor) December 19, 2013
It hasn't aged well, and it's worth noting that online gambling isn't dead either, which currently has a total market size of $63 billion, according to Business Wire data.
In the year Around 2020, Saylor improved his original position. He also said he spent thousands of hours studying bitcoin before he convinced the MicroStrategy board to add bitcoin to the company's balance sheet.
Related: Spot Bitcoin ETF Will Be ‘Bloodbath' For Crypto Exchange, Says Analyst
According to CoinGecko, the price of Bitcoin was at $677 on December 19, 2013 – meaning that before MicroStrategy bought the first batch of BTC on August 11, 2020 for $11,650, the price of BTC increased almost 18 times.
Others, like Bitcoin analyst Dylan LeClair, praised Saylor for taking a second look at Bitcoin.
“The measure of knowledge is the ability to change,” Leclair said.
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