- Saylor warns against underestimating the power of a spot Bitcoin ETF in the context of the probability of approval from the U.S. Securities and Exchange Commission (SEC).
- In an interview with Bloomberg on Tuesday, he stated that saying the approval of a Bitcoin ETF could be the most significant development on Wall Street in the last 30 years would not be an exaggeration.
- Some analysts predict a 98% probability of approval on earlier dates, based on factors such as companies like BlackRock frequently holding meetings with SEC officials.
Michael Saylor, one of the biggest advocates for Bitcoin’s mainstream adoption, emphasizes the importance of not underestimating spot Bitcoin ETFs!
Saylor’s Predictions for Spot Bitcoin ETFs
Michael Saylor, the founder of MicroStrategy and one of the most prominent advocates for Bitcoin’s mainstream adoption, suggested that if spot ETF approval comes in January 2024, it could create a significant demand shock for Bitcoin. Saylor warns against underestimating the power of a spot Bitcoin ETF in the context of the probability of approval from the U.S. Securities and Exchange Commission (SEC).
In an interview with Bloomberg on Tuesday, he stated that saying the approval of a Bitcoin ETF could be the most significant development on Wall Street in the last 30 years would not be an exaggeration. Saylor mentioned that spot ETF approval could have a similar impact to the launch of S&P 500 index funds in the stock market.
He foresaw that SEC’s approval of spot ETFs could initiate a demand shock for BTC and added that the Bitcoin Halving event planned for the second quarter of 2024 could make the cryptocurrency more valuable and less available.
Bitcoin (BTC) is currently trading about 13% higher than a month ago, and the volatility leading up to the SEC decision on January 10, 2024, is still to be seen. Some analysts predict a 98% probability of approval on earlier dates, based on factors such as companies like BlackRock frequently holding meetings with SEC officials.
MicroStrategy’s BTC Accumulation
Considering the upward trend, MicroStrategy, currently the largest institutional owner of Bitcoin, could likely accumulate more of the cryptocurrency. Previously reported by COINOTAG, the company disclosed its $5.3 million BTC purchase on November 2, 2023, when the BTC price was just above $34,000.
The company started accumulating BTC in August 2020 and currently holds a total of 158,400 Bitcoins. Meanwhile, SEC officials have met with spot ETF applicants 24 times, indicating a possibility of approval before January 10.
