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MicroStrategy’s founding partner Michael Saylor, one of the Bitcoin bulls, says the approval of the Bitcoin exchange-traded fund (ETF) that comes with the S&P 500 index fund could be the most significant development on Wall Street since the early 1990s. In an interview with Bloomberg on December 19, Saylor said, “This could be the biggest development on Wall Street in the last 30 years.”
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Emphasizing the importance of this development, Michael Saylor said “What was so important was the creation of the S&P index and the ability to invest in 500 S&P companies with a single transaction”. He also noted that the spot Bitcoin ETF would open doors for mainstream retail and institutional investors who previously could not access a suitable channel to invest in Bitcoin.
Saylor suggested that the demand-creating potential of this ETF would be a major catalyst and then the Bitcoin halving in April would create a “supply shock”.
“I don’t think we’re seeing a 2 to 10 fold increase in demand along with supply for a scarce, desirable asset that people will want to hold for a long time. That’s why we expect 2024 to be a big bull run for the asset class,” he said.
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