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.
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Demand Shock & Provide Shock
Saylor warned in opposition to underestimating the ability of the spot Bitcoin ETF, within the context of the probability of approval from the U.S. Securities and Alternate Fee (SEC). Talking to Bloomberg on Tuesday, he said it will not be unreasonable to say that the Bitcoin ETF approval may very well be the most important growth on Wall Avenue in three many years. Saylor predicted that Bitcoin would go on a bull run in 2024, stating that the spot ETF approval may have an analogous influence 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 may set off a requirement shock for BTC, he predicted, including that the Bitcoin Halving occasion scheduled for the second quarter of 2024 may set off a provide shock, making the cryptocurrency extra useful and extra scarce. The Bitcoin (BTC) price is at the moment round 13% larger in comparison with a month in the past, whereas it stays to be seen how unstable it may change into forward of the SEC’s January 10, 2024 deadline. Some analysts foresee a 98% likelihood 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 at the moment the most important institutional holder of Bitcoin, might doubtless accumulate extra of the cryptocurrency. Earlier, CoinGape reported the corporate’s current BTC buy price $5.3 million on November 2, 2023, when the BTC worth was simply above $34,000. The corporate started accumulating BTC in August 2020 and at the moment has a complete holding of 158,400 Bitcoin.
In the meantime, 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.
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