According to the MicroStrategy co-founder, Bitcoin ETFs might be the most significant thing to happen to traditional finance following the S&P index fund’s unveiling. According to Michael Saylor, a Bitcoin bull, a spot Bitcoin exchange-traded fund (ETF), might be the main development on Wall Street since the early 90s.
Benefits of Spot Bitcoin ETF
In a December 19 interview with a media firm, he claimed it is unreasonable to propose that this might be the most significant development on Wall Street in three decades.
Further, he said that the last thing that was this important was the making of the S&P as well as the capability to concurrently use a single trade to invest in all 500 S&P firms.
Saylor said that a spot Bitcoin exchange-traded fund would open opportunities for institutional and mainstream investors that earlier found it difficult to meet standard bandwidth compliant requirements to invest in Bitcoin.
He also claimed that this exchange-traded fund would be a critical element in enhancing demand, succeeded by a ‘supply shock’ in April 2024 when the Bitcoin halving event will happen.
Saylor said he does not think they have ever witnessed a 2 to 10 times rise in demand coupled with halving and supply in an uncommon and beneficial asset that individuals desire to keep for long. He anticipates 2024 to be a significant bull run for the asset class.
MicroStrategy Official Predict an Upcoming Bitcoin Bull Run
Saylor verified that MicroStrategy, his business intelligence company and Bitcoin holding firm, will retain its investment plan for the inevitable future.
He explained that their goal is to establish a means to follow additional Bitcoin per share for the shareholders. That can happen via different means, including equity, debt, or cash flows from the business.
Since MicroStrategy’s initial Bitcoin purchase in 2020, it has offered traditional investors traditional investors with exposure to Bitcoin’s price. Saylor revealed that they provide them leverage, and no charges are incurred.
Market Performance of Bitcoin
As such, they somewhat provide an excellent performance vehicle for Bitcoin long investors. Buy Bitcoin Worldwide data shows that MicroStrategy currently has 174530 Bitcoins, whose average purchase price is $30252.
At present prices, this is approximately $7.3B. At the time of publication, the firm was up $2.1B on its Bitcoin investment. From Bitcoin skeptic to maxi: Saylor’s notorious tweet is a decade old. Saylor is presently one of the most candid Bitcoin proponents.
However, a decade ago, he made a currently notorious tweet envisaging the asset’s collapse. The prediction did not happen, and it might be essential to note that online gambling still exists. According to Business Wire data, its present market size is $63B.
Around 2020, Saylor changed his previous stance. Earlier, he had also claimed that he studied Bitcoin for several hours prior to persuading the company’s board to incorporate Bitcoin into the balance sheet.
CoinGecko’s data shows that on December 19, 2013, the price of Bitcoin was $677. This illustrates that its price rose almost 18 times prior to MicroStrategy purchasing its initial Bitcoin collection on August 11, 2020, for nearly $11,650.
Dylan LeClair, a Bitcoin analyst, applauded Saylor for reevaluating Bitcoin. He said that intelligence is measured by the capability to change.
Editorial credit: Sadi-Santos / Shutterstock.com
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