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Cryptogambling / Michael Saylor forecasts monumental shift on Wall St with Bitcoin ETF approval

Michael Saylor forecasts monumental shift on Wall St with Bitcoin ETF approval

Publish Date: 22/12/2023
f Michael Saylor, tags: wall bitcoin - upload.wikimedia.org

f Michael Saylor – upload.wikimedia.org

MicroStrategy co-founder Michael Saylor asserts that the approval of a spot Bitcoin exchange-traded fund (ETF) could be monumental on Wall Street since the early 1990s.

“It’s not unreasonable to suggest that this may be the biggest development on Wall Street in 30 years,” Saylor said in Tuesday’s interview with Bloomberg.

Saylor emphasized that a spot Bitcoin ETF would allow regular people and big financial organizations to easily invest in Bitcoin, creating a more accessible and compliant way to do so. He underlined that Bitcoin ETFs could be as significant for traditional finance as the introduction of the S&P 500 index fund.

This ETF, according to Saylor, could significantly boost demand for Bitcoin. He also pointed out a potential supply shortage following the April Bitcoin halving event.

“I don’t think we’ve ever seen a 2 to 10x increase in demand combined with a halving in supply in a scarce, desirable asset that people want to hold for a long period of time. So I think we’re expecting 2024 is going to be a major bull run for the asset class,” Saylor said.

Following his statement, Saylor confirmed that MicroStrategy plans to stick to its strategy of investing in Bitcoin for the long term. He explained that their objective is to seek avenues to acquire more Bitcoin per share for their shareholders, whether it involves debt, equity or cash flows generated by the business.

MicroStrategy has enabled Bitcoin access to investors since 2007

MicroStrategy has provided traditional investors with exposure to Bitcoin’s price since it first started buying Bitcoin in 2020.

“We provide [investors with] leverage and we don’t charge a fee. [So] we offer sort of a high performance vehicle for people that are Bitcoin long investors,” Saylor said.

As per data from Buy Bitcoin Worldwide, MicroStrategy holds 174,530 BTC bought at an average price of $30,252. With today’s prices, this amounts to $7.3 billion, showcasing a $2.1 billion profit on their Bitcoin investment at the time of this report.

In 2013, Saylor became known for predicting Bitcoin’s downfall on social media, saying, “#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”

Saylor’s forecast has not proven to be accurate over time. According to Business Wire data, online gambling with a market size of $63 billion.

Bitcoin dips to $42,471

Amid ongoing changes in the market, Bitcoin (BTC) has seen a notable decrease, currently trading at $42,471, down by almost 1.50 percent on Wednesday.

This drop occurs amidst significant developments in the cryptocurrency space, including the advancement in Bitcoin ETFs on Wall Street.

Adding to this evolving landscape is Marathon’s strategic investment of $179 million in two mining sites, a proactive move in anticipation of Bitcoin’s upcoming halving event.

Marathon Digital intends to invest by partnering with Generate Capital to acquire two operational mining sites. This move aims to double its hash rate within the next two years, strengthening its mining capabilities before the 2024 Bitcoin halving.

Located in Texas and Nebraska, these two sites will boost Marathon’s overall mining capacity to 910 megawatts, 45 percent of which will be under Marathon’s ownership. This strategic step is anticipated to reduce the cost of mining a single Bitcoin by 30 percent.

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