As the countdown continues toward the anticipated approval of Bitcoin ETFs, investors and issuers are anxiously awaiting the decision from the US Securities and Exchange Commission (SEC).
The impending deadline has raised hopes for a successful conclusion, which would cause a significant change for the top digital asset and the cryptocurrency industry as a whole.
In an appearance on Bloomberg TV on Tuesday, Michael Saylor, the executive chairman of MicroStrategy, stated that the markets should not undervalue the significance of the upcoming spot Bitcoin ETFs.
Saylor made a bold claim during a Tuesday interview with BloombergTV, suggesting that this would be the “biggest development on Wall Street” in the last three decades.
He said:
“It’s not unreasonable to suggest that this might be the biggest development on Wall Street in 30 years.”Bitcoin ETF Would Open Channel For Institutional Investors – Saylor
Citing comparisons, he cites the S&P 500 ETF as the most similar example, emphasizing its launch as a revolutionary financial instrument that provided investors with simple, one-click access to the extensively followed index.
Saylor went into further detail on the importance of a spot Bitcoin ETF, highlighting how its launch would open up a channel for institutional and regular investors alike.
For individuals who had not previously had access to a “high bandwidth compatible route” for Bitcoin investment, this would be very revolutionary.
Essentially, the ETF would act as a doorway, democratizing the process of entering the cryptocurrency space and encouraging a wider range of investors to participate.
The $BTC Spot ETF may be the biggest development on Wall Street in the last 30 years. My discussion of #Bitcoin in 2024, Spot ETFs vs. $MSTR, and the emergence of bitcoin as a treasury reserve asset with @KaileyLeinz on Bloomberg @Crypto. pic.twitter.com/QtPdBOhMDr
— Michael Saylor
(@saylor) December 19, 2023
He said that approval will cause a “demand shock,” highlighting the fact that ETFs will give institutional investors a legal way to invest in the asset class.
Bullish Momentum For Bitcoin In The Offing
Demand is predicted to surge in tandem with the anticipated asset halving of Bitcoin in the second quarter of 2024, which would spark a large market upswing.
Saylor stated that all of the variables coming into play indicate that there would be significant bullish momentum for Bitcoin in the coming year.
He was confident in the general upward direction, even though he refrained from making any particular predictions about the magnitude of this surge. This highlights the favorable convergence of factors that he believes will lead to a substantial bull run for Bitcoin in the upcoming year.
Saylor affirmed that MicroStrategy, his holding company for Bitcoin and business intelligence firm, will stick with its BTC investment plan for the time being.
At the time of writing, BTCUSD was trading at $43,904, up 2.5% and 2.2% in the last 24 hours and seven days, respectively, data from Coingecko shows.
Featured image from Michael.com