The market currently expects the first Bitcoin spot ETF to be approved in January next year. Michael Saylor, co-founder and CEO of MicroStrategy, a dominant Bitcoin holding company, stated today that the Bitcoin spot ETF is the most important development on Wall Street in the past 30 years, and its significance should not be underestimated.
Bloomberg reported today that more than ten institutions, including BlackRock and Fidelity, have submitted applications for Bitcoin spot ETFs to the U.S. Securities and Exchange Commission (SEC). It is expected that the first ETF will be approved in January next year. In an interview with Bloomberg, Michael Saylor emphasized the importance of the upcoming listing of Bitcoin spot ETFs.
Michael Saylor believes that this may be the most significant development on Wall Street in the past 30 years. The last comparable new product was the S&P 500 Index ETF, which allowed investors to gain exposure to the S&P 500 Index with the click of a button. According to Michael Saylor, mainstream investors, both individuals and institutions, have not had a “high-bandwidth” compliant channel to invest in Bitcoin so far. However, this will change with the introduction of spot ETFs. This new tool will impact Bitcoin demand, followed by a supply shock in April next year when the Bitcoin halving event occurs.
In Michael Saylor’s view, all of this suggests that Bitcoin will experience a bull market next year, but he refuses to speculate on how high the Bitcoin price will go.
In the past, MicroStrategy stocks were often considered an alternative to Bitcoin ETFs, attracting investors who speculated on the emergence of a real Bitcoin spot ETF. When asked if the spot ETF would make investors abandon MicroStrategy and turn to spot ETFs, Michael Saylor responded that MicroStrategy is a self-funded company that can increase its holdings using its cash flow or “intelligent leverage,” and unlike ETFs, holding MicroStrategy stocks does not incur management fees.
Galaxy Digital founder Mike Novogratz recently estimated that the Bitcoin spot ETF will be approved before January 10 next year, which is the deadline for approval before the SEC gets entangled in litigation with Grayscale. It may then take six to eight weeks for formal trading to begin.
Jan Van Eck, CEO of VanEck, a U.S. asset management giant that has also submitted an application for a Bitcoin spot ETF, stated last week that he believes Bitcoin will reach a new all-time high within 12 months, and all Bitcoin spot ETFs will be approved by the SEC, just like Ethereum futures ETFs.
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Related Reports:
– BlackRock gives in to SEC and adopts “cash redemption,” updating Bitcoin spot ETF ticker to IBIT
– SEC further delays Grayscale and Hashdex’s applications for four Ethereum spot ETFs, Bloomberg analysts say the key point is May next year
– Wall Street giant VanEck predicts “Bitcoin will reach a new all-time high within a year”! All BTC spot ETF applications will be approved together
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Michael Saylor
MicroStrategy
Bitcoin
Bitcoin spot ETF