Michael Saylor, co-founder and executive chairperson of MicroStrategy, asserted that markets shouldn’t underestimate the significance of Spot Bitcoin ETF’s potential approval. On December 19, Saylor, in an interview with KaileyLeinz on Bloomberg, said that it’s not unreasonable to suggest that Spot Bitcoin ETF approval may be the biggest development on Wall Street in 30 years. He implied that the last major development was the S&P 500 ETF, which allowed investors to invest in all 500 S&P companies simultaneously through a single trade.
Saylor stated that the approval of Spot Bitcoin ETF would open the door to mainstream retail and institutional investors who before couldn’t access “high bandwidth compliant channel” to invest in Bitcoin. Furthermore, he added that this could drive the demand for BTC, along with the supply shock because of the Bitcoin halving event in April, expecting a major bull run for BTC is not out of the question. He said,
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.
Saylor answered the question of whether an actual spot ETF might draw investor demand away from MicroStrategy, by saying that his Business intelligence and Bitcoin holding firm’s goal is always to find a way to pursue more Bitcoin per share for their shareholders. Be that be through debt, equity, or cash flow, the business will continue its business strategy in the future. He noted,
We provide investors with leverage, and we don’t charge a fee. So we offer sort of a high-performance vehicle for people that are Bitcoin long investors
MicroStrategy owns 174,530 BTC worth $7.48 billion at the time of writing. Although Saylor is now known as a Bitcoin advocate, a decade ago, he published a post saying that Bitcoin’s days are numbered, and it seems like just a matter of time before it suffers the same fate as online gambling.
