Michael Saylor, co-founder of MicroStrategy, recently emphasized the significance of a potential spot Bitcoin ETF (exchange-traded fund) approval, comparing it to key historical financial innovations like the creation of the S&P Index. He anticipates a "demand shock" in January, with a follow-up "supply shock" in April due to Bitcoin halving, potentially triggering a major bull run in 2024. This sentiment is echoed by industry experts who recognize the strategic moves by major asset managers in anticipation of ETF approval.
Saylor's comments come amidst active discussions between fund issuers and regulators, aiming to finalize ETF details soon. MicroStrategy, noted for holding 158,245 BTC (worth about $6.8 billion), exemplifies corporate interest in Bitcoin investments. JAN3 CEO Samson Mow also weighed in, noting the profit-driven motives of ETF issuers, which could lead to aggressive marketing strategies to attract customers.
As for regulatory developments, BlackRock's recent meeting with the SEC marks the 24th such meeting among Bitcoin ETF applicants. Although the Jan 8-10 window is closely monitored for potential approvals, early approvals remain uncertain. This heightened activity underscores the transformative potential of a spot Bitcoin ETF on Wall Street and the broader cryptocurrency market
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
