MicroStrategy’s Founder M. Saylor Foresees Bitcoin Surge in 2024
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Written by
Rahul Nambiampurath - Updated 2024-02-13 20:23:52
Michael Saylor, the co-founder and executive chairman of MicroStrategy, predicts two factors that will significantly boost Bitcoin's price next year.
In a recent Bloomberg interview, Saylor suggests that the introduction of a spot Bitcoin exchange-traded fund (ETF) will amplify demand for the leading cryptocurrency, igniting a bullish trend in 2024.
”I think you can’t really underestimate the significance of the spot ETFs. It’s not unreasonable to suggest that this may be the biggest development on Wall Street in 30 years…”
He emphasizes the significance of this anticipated development, noting that the majority of current Bitcoin investors are long-term holders and traditional crypto enthusiasts. However, the broader investment community, including mainstream retail and institutional investors, has lacked a direct and compliant avenue to engage with this asset class until the introduction of spot ETFs. Saylor anticipates that the approval of these ETFs in January will serve as a pivotal catalyst, creating a significant demand surge.
Furthermore, Saylor highlights Bitcoin's upcoming halving event in April 2024 as another potential catalyst for a bullish market. During this event, the rewards for BTC miners will be halved.
“The approval of spot Bitcoin ETFs will be followed in April with a supply shock, because there are about 900 Bitcoin a day available for sale by natural sellers, the miners. And that number is going to be cut to 450 Bitcoin a day in April. So, it’s a pretty big deal.”
Bitcoin is trading at $43,809 at the time of writing, and MicroStrategy is showing an unrealized profit of an astounding $2.33 billion. The company holds 174,530 BTC.
