Spot Bitcoin ETF Biggest Thing on Wall Street For 30 Years: Saylor

BeInCrypto2023/12/20 08:55

By:By Martin Young

In Brief

MicroStrategy co-founder, Michael Saylor, suggests that the potential approval of a spot Bitcoin ETF may be the biggest Wall Street development in 30 years.
Saylor predicts a "demand shock" in January followed by a "supply shock" in April due to halving, potentially leading to a major bull run for Bitcoin in 2024.
JAN3 CEO, Samson Mow, notes that the twelve ETF issuers are not solely invested for Bitcoin but for profits, leading to aggressive marketing strategies.

MicroStrategy co-founder Michael Saylor has spoken out about the impact of a potential spot Bitcoin exchange-traded fund approval. Additionally, fund issuers have been meeting with regulators to finalize the details before the holiday period.

On Dec. 19, Bitcoin advocate Michael Saylor spoke to Bloomberg about spot Bitcoin ETFs stating:

“Its not unreasonable to suggest that this may be the biggest development on Wall Street in the last 30 years.”

Bitcoin Demand and Supply Shocks

He compared it to the creation of the SP Index and the ability to invest in 500 companies at the same time.

Saylor said that most of the money currently invested in BTC was hodlers and traditional crypto investors.

“Mainstream investors and institutions have not had a high bandwidth compliant channel to invest in this asset class until these spot ETFs.”

He added that January approvals will drive a “demand shock” which will be followed in April with a “supply shock” due to the halving.

When asked about a price prediction, Saylor wouldn’t commit but did say that 2024 would be a major bull run for the asset.

MicroStrategy is the largest corporate holder of BTC with 158,245 coins worth $6.8 billion, according to CoinGecko .

JAN3 CEO Samson Mow also commented on Bitcoin ETFs on Dec. 20. He noted that the twelve or so ETF issuers are not in it for Bitcoin, they’re in it for profits so need to increase assets under management (AUM) to win the race.

Moreover, they’ll be fighting for customers through aggressive advertising and marketing.

“This battle for the Bitcoin orange glow is going to heat up like you can’t imagine.”

Huge asset managers such as BlackRock or Fidelity advertising Bitcoin at the Superbowl will get attention, he said.

Bitcoin ETF Latest News

On Dec. 19, BlackRock had another meeting with the Securities and Exchange Commission. This brings the total number of official SEC meetings between current Bitcoin ETF applicants filers to 24, noted Bloomberg ETF analyst James Seyffart.

SEC meetings with BTC ETF filers. Source: X@JSeyff

It doesn’t change the dates, he said adding that they were “still watching that Jan 8-10 window.”

Technically, some applications could be approved before that, but the analyst didn’t think it was likely.

On Dec. 19, BeInCrypto reported that BlackRock had ‘bent the knee’ to SEC requirements with cash creations and redemptions .

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