MicroStrategy founder Michael Saylor believes that an approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) will spark huge market growth for BTC.
In a new MicroStrategy earnings call, outspoken Bitcoin bull Saylor says that BTC ETFs would likely attract a massive amount of funding from institutional investors.
[adinserter block="1"]“And as we look forward to potential spot ETFs coming along, we think that’s going to actually grow the market dramatically and it’s going to be another great investment option for a different class of institutional investors that’ll be beneficial to all.”
Saylor says that the BTC ETFs would create an easy pathway for traditional financial entities to invest in the king crypto.
“With that, I think I’ll say just a few last words on the Bitcoin market outlook. First of all, there’s a lot of discussion of spot ETFs. If and when they are approved, we certainly think that they’re beneficial to the entire asset class.
They will represent an on-ramp for capital on Wall Street to come into the Bitcoin ecosystem and they’ll dramatically increase the availability of Bitcoin as an asset to both retail investors as well as institutional investors, corporate investors, and trust and endowments and the like.
So we think that there are many, many types of investors that will benefit from that product.”
He also says that the increased demand from BTC ETFs plus the upcoming halving event in April 2024 makes him bullish on the overall asset.
“And because Bitcoin has got a fixed supply as the demand increases, then we think that’ll be bullish for the entire asset. The second major factor we think in the market outlook is going to be the halving. The halving is coming right now. It’s forecast to be sometime in late April of 2024.
Much of the organic selling demand or the organic supply available for sale of Bitcoin or natural sellers are Bitcoin miners. And after the halving, that natural supply available for sale will be cut in half, at least from the Bitcoin miners. And Bitcoin miners are a substantial part of all the natural sellers in the market.
So the halving should have a pretty dramatic material effect on the supply available for sale at the same time that the demand for the asset increases via spot Bitcoin ETFs. So we think that’s bullish for the asset class.”
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