⏰ Act Early, Profit Big!
Be among the first to access the newest altcoins. Don't miss out, click now!

Michael Saylor’s Expectation for Spot Bitcoin ETF Draws Attention: Not to be Underestimated!

  • 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

Bitcoin-BTC

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Trump Signs Historic National Innovation Stablecoin Act, Cementing USDT as Official Monetary Tool

On July 19, President Trump enacted the National Innovation...

Aether Holdings Secures $40M to Bolster Financial Reserves with Bitcoin Purchase

On July 19, Aether Holdings, a prominent platform specializing...

Hyper Reduces ETH Long Position by $6.97M Despite Leading Total Profit Rankings

Hyper, currently ranked first on the total profit leaderboard,...

DORSEY’S BLOCK XYZ SET TO JOIN SP 500

DORSEY'S BLOCK XYZ SET TO JOIN SP 500 $XYZ
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img