MicroStrategy co-founder and executive chairman Michael Saylor believes that two catalysts will catapult Bitcoin (BTC) to a relatively higher price next year.
Saylor says in a new Bloomberg interview that the approval of a spot Bitcoin exchange-traded fund (ETF) will spur demand for the flagship crypto asset sparking a bull run 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…
So, this is very eagerly anticipated. But most of the money in the Bitcoin market right now is the hodlers and their traditional crypto investors.
Mainstream investors, mainstream retail, mainstream institutions have not had a high bandwidth-compliant channel to invest in this asset class until the spot ETFs. So, I think in January, the approval of the spot ETFs is going to be a major catalyst, it’s going to definitely drive the demand shock.”
Saylor goes on to say that Bitcoin’s halving event will be another catalyst for a bull run. The halving event will occur in April 2024 and see the rewards of BTC miners cut in half.
“[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 $42,771 at time of writing.
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