Michael Saylor, the founding father of MicroStrategy and one of many greatest proponents of Bitcoin adoption within the mainstream, mentioned there may very well be a serious demand shock for Bitcoin, come the spot ETF approval in January 2024.
Also Read: US SEC Met Spot Bitcoin ETF Seekers 24 Times So Far; What’s Ahead?
Demand Shock & Supply Shock
Saylor warned in opposition to underestimating the facility of the spot Bitcoin ETF, within the context of the probability of approval from the U.S. Securities and Exchange Commission (SEC). Speaking to Bloomberg on Tuesday, he said it will not be unreasonable to say that the Bitcoin ETF approval may very well be the largest growth on Wall Street in three a long time. Saylor predicted that Bitcoin would go on a bull run in 2024, stating that the spot ETF approval might have an identical affect on markets because the launch of the S&P 500 index funds within the inventory market.
With the approval of spot ETF, the US SEC might set off a requirement shock for BTC, he predicted, including that the Bitcoin Halving occasion scheduled for the second quarter of 2024 might set off a provide shock, making the cryptocurrency extra helpful and extra scarce. The Bitcoin (BTC) price is presently round 13% greater in comparison with a month in the past, whereas it stays to be seen how unstable it might grow to be forward of the SEC’s January 10, 2024 deadline. Some analysts foresee a 98% probability of approval earlier than the deadline, with the likes of Blackrock conducting frequent conferences with the SEC officers.
MicroStrategy BTC Accumulation
Going by the bullish sentiment, MicroStrategy, which is presently the biggest institutional holder of Bitcoin, might possible accumulate extra of the cryptocurrency. Earlier, CoinGape reported the corporate’s latest BTC buy price $5.3 million on November 2, 2023, when the BTC value was simply above $34,000. The firm started accumulating BTC in August 2020 and presently has a complete holding of 158,400 Bitcoin.
Meanwhile, officers of the US SEC have to this point met with spot ETF filers as many as 24 instances, in what may very well be an indication of probability of approval earlier than the January 10 deadline.
Also Read: CFTC Nod to Bitnomial Clearinghouse License Sparks Vertical Integration Debate
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