Michael Saylor, the founder of MicroStrategy and a strong supporter of Bitcoin, believes that if spot Bitcoin exchange-traded funds (ETFs) are approved, it will lead to significant growth in the Bitcoin market. He thinks these ETFs would likely draw substantial investments from institutional investors.
Saylor stated, “We believe that the potential arrival of spot ETFs will significantly expand the market and provide an excellent investment option for a different category of institutional investors, benefiting everyone.”
And 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 expressed optimism, stating, “The increased demand from BTC ETFs, coupled with the upcoming halving event in April 2024, makes me optimistic about the overall asset.”
“The fixed supply of Bitcoin means that as demand increases, it’s likely to have a positive impact on the entire asset. The second significant factor we’re considering in our market outlook is the upcoming halving event, expected in late April 2024.
A substantial portion of the Bitcoin supply available for sale comes from Bitcoin miners. After the halving, this natural supply available for sale will be reduced by half, at least from the Bitcoin miners. Since Bitcoin miners are a significant source of natural sellers in the market, the halving is expected to have a noticeable effect on the available supply, just as demand for the asset is on the rise through spot Bitcoin ETFs. Overall, we believe this is a positive development for the asset class.”