Maxi-analysis. The promises associated with the approval – still pending – of Spot Bitcoin ETF are multiple and varied. However, a trend is emerging regarding the possible surge in the price of BTC following the crossing of this historic milestone. At the same time, its current price could reflect an opportunistic buying strategy. This is in order to sell this news when the time comes. Too short-term a vision for the maximalist Michael Saylor. The latter known for his disproportionate love of Bitcoin, even imposed on the treasury of his company MicroStrategy. Because, according to him, it would be “ biggest development on Wall Street over the last 30 years.
Michael Saylor rides the rise of Bitcoin
Michael Saylor is known as a rather excessive character when it comes to Bitcoin. An enthusiasm which has certainly partly earned him removed from the head of his company MicroStragtegy in August last year. That is to say at a time when the price of BTC (around $20,000) did not allow it to boast about its Bitcoin macro strategy.
But trust always pays off when you know take advantage of bear markets. And since the return to the rise of Bitcoin, Michael Saylor dons the mantle of a visionary. Particularly in the area of corporate cash management.
It must be admitted that this winning bet estimated at more than 2 billion dollars stands out as a success, despite criticism and the vagaries of the market. Even more so if we consider that BTC is only beginning what could well be the beginnings of his next bull run. And Michael Saylor obviously has a very specific opinion on what should happen…
Bitcoin spot ETF: a real revolution for Wall Street
The Bitcoin market is currently suspended at a Approval of spot Bitcoin ETFs planned for early 2024. A date more estimated than validated, taking into account the incessant procrastination of the United States SEC on the subject. But for many analysts, the question only arises in terms of timetable.
A camp to which Michael Saylor obviously seems to belong. Indeed, he was able to express his opinion on the subject during an interview conducted yesterday by the media Bloomberg TV. Among other themes covered: Bitcoin as a Treasury reserve assetthe situation of MicroStrategy and the Spot Bitcoin ETF.
“The Bitcoin Spot ETF could be the biggest development on Wall Street in the last 30 years. »
Michael Saylor says financial markets should not underestimate the importance of these spot Bitcoin ETFs. Because according to him the calculation is very simple (even a little simplistic). A sharp increase in demand coupled with lower supply should pave the way for a price increase for 2024. However, the planned arrival of institutional investors sometimes looks much more like a muzzle placed on the cryptocurrency marketin order to be able to surf the wave without risking getting wet.