Bitcoin advocate Michael Saylor, co-founder of MicroStrategy, believes the approval of a Bitcoin spot exchange-traded fund (ETF) could be the most significant development on Wall Street since the creation of the S&P 500 index fund in the early 1990s. In an interview with Bloomberg, Saylor said the impact of approving a spot Bitcoin ETF would open the opportunity to provide mainstream retail and institutional investors with a “high-bandwidth compatible channel” to invest in Bitcoin. He likened this to the historical significance of the S&P 500 index fund, which allows investors to invest in all S&P 500 companies in one trade.
Saylor expects the approval of a spot Bitcoin ETF to act as a catalyst, spurring demand and creating a supply shock following the Bitcoin halving event in April. He predicts that the combination of a decrease in supply due to Bitcoin’s scarcity and a significant increase in demand will lead to a significant uptick in 2024. MicroStrategy will continue its Bitcoin investment strategy under Saylor’s guidance, finding ways to earn more Bitcoin per Bitcoin. Stocks for shareholders.
MicroStrategy’s ongoing Bitcoin commitment:
MicroStrategy, known for providing Bitcoin exposure to traditional investors, currently holds 174,530 BTC at an average purchase price of $30,252. The value of these Bitcoin holdings is $7.3 billion, and according to the latest data, MicroStrategy has made $2.1 billion from its Bitcoin investments. Saylor emphasized that MicroStrategy offers a high-performance vehicle for long-term Bitcoin investors, providing leverage without fees.
#Bitcoin The number of days is limited. It seems only a matter of time before it suffers the same fate as online gambling.
— Michael Saylor⚡️ (@saylor) December 19, 2013
From Skeptic to Advocate:
Saylor, once a Bitcoin skeptic, looked back on his journey and shared a tweet predicting Bitcoin’s downfall exactly 10 years ago. He acknowledged the evolution of his own position, emphasizing the importance of intelligence in the ability to change. Saylor’s transformation from skeptic to Bitcoin advocate occurred around 2020 when he delved into extensive research into Bitcoin, leading MicroStrategy to add Bitcoin to its balance sheet.