Michael Saylor, MicroStrategy’s co-founder, highlighted the potential for significant price surges in Bitcoin in 2024 if a spot Bitcoin ETF gets the green light. He emphasized that such an ETF could serve as a direct route for traditional investors to access Bitcoin, projecting a surge in demand by “2 to 10 times.” Simultaneously, the impending halving event in April is expected to shrink Bitcoin’s daily generated supply, adding to the supply shortage.
Saylor anticipates a substantial bullish phase for Bitcoin in 2024, driven by heightened demand coupled with a diminishing supply. He underscored the likelihood of prices climbing significantly due to this dynamic.
Describing the potential approval of a spot ETF as a monumental moment akin to the advent of the first S&P 500 index fund in 1993, Saylor emphasized the impact it could have on mainstream investors’ accessibility to Bitcoin.
Despite this optimistic outlook, Saylor clarified that MicroStrategy’s strategy involves leveraging and cash flows to further bolster its Bitcoin holdings, rather than opting to liquidate for investments in a spot ETF.
