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Spot Bitcoin ETF biggest Wall St development in 30 years — Michael Saylor

The MicroStrategy co-founder said Bitcoin ETFs could be the biggest thing to happen to TradFi (traditional finance) since the introduction of the S&P 500 index fund.

A spot Bitcoin BTC$42,883 exchange-traded fund (ETF) approval could be the biggest development on Wall Street since the early 1990s, says Bitcoin bull Michael Saylor.

“It’s not unreasonable to suggest that this may be the biggest development on Wall Street in 30 years,” Saylor said in a Dec. 19 interview with Bloomberg.

“The last thing that was this consequential was the creation of the S&P index and the ability to invest in all 500 S&P companies via one trade simultaneously.”

The $BTC Spot ETF may be the biggest development on Wall Street in the last 30 years. My discussion of #Bitcoin in 2024, Spot ETFs vs. $MSTR, and the emergence of bitcoin as a treasury reserve asset with @KaileyLeinz on Bloomberg @Cryptopic.twitter.com/QtPdBOhMDr— Michael Saylor⚡️ (@saylor) December 19, 2023

Saylor explained that a spot Bitcoin ETF would open the door to mainstream retail and institutional investors that previously hadn’t been able to access a “high bandwidth compliant channel” to invest in Bitcoin.

Saylor explained that this ETF would be a major catalyst driving demand, followed by a “supply shock” in April when the Bitcoin halving event takes place.

“I don’t think we’ve ever seen a 2 to 10x increase in demand combined with having and supply in a scarce, desirable asset that people want to hold for a long period of time.”

“So I think we’re expecting 2024 is going to be a major bull run for the asset class,” Saylor said.

Saylor confirmed that MicroStrategy — his business intelligence firm and Bitcoin holding company — will continue its Bitcoin investment strategy for the foreseeable future.

“Our goal is always to find a way to pursue more Bitcoin per share for our shareholders,” whether that be through debt, equity, or cash flows from the business, he explained.

MicroStrategy has provided traditional investors with exposure to Bitcoin’s price since it first started buying Bitcoin in 2020. “We provide [investors with] leverage and we don’t charge a fee.

So we offer sort of a high-performance vehicle for Bitcoin long investors,” Saylor noted.

Saylor’s MicroStrategy now owns 174,530 BTC with an average purchasing price of $30,252, according to data from Buy Bitcoin Worldwide.

At current prices, this is worth $7.3 billion, and as of the time of publication, MicroStrategy is up $2.1 billion on its Bitcoin investment.

Related:BlackRock meets SEC, Nasdaq to discuss listing rules for spot Bitcoin ETF

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