Michael Saylor: Bitcoin ETF Is The Biggest Wall Street Development in 30 Years

In a recent conversation with Bloomberg, Michael Saylor, co-founder and executive chair of MicroStrategy, shared insights into the future of Bitcoin. He touched upon the significance of spot ETFs, and MicroStrategy’s unique position.

Saylor emphasized the pivotal role of spot ETFs, stating, “This may be the biggest development on Wall Street in 30 years.” He anticipates January’s approval of spot ETFs to be a major catalyst, triggering a demand shock. This will be followed by a supply shock in April, when the daily availability of Bitcoin for sale by miners is expected to be halved.

• Sees spot ETFs sparking unparalleled bitcoin demand.
• Supply is also set to tighten further with the 2024 halving.
• Fair value rules boost the case for Bitcoin as a reserve asset.

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Bitcoin’s 2024 Bull Run

Discussing Bitcoin’s future, Saylor expressed optimism for a major bull run in 2024, foreseeing a 2–10 times increase in demand combined with a halving of supply. While acknowledging the challenges in predicting the exact extent of the surge, he confidently stated, “Higher.”

“We’re expecting 2024 is going to be a major bull run for the asset class. We just don’t know how far the asset is going to run at this point,” said Saylor.

MicroStrategy’s Bitcoin Strategy

Addressing MicroStrategy’s role, especially in comparison to spot ETFs, Saylor highlighted MicroStrategy’s uniqueness as an operating company. Unlike ETFs, MicroStrategy generates additional Bitcoin through operations, utilizes intelligent leverage, and doesn’t charge a fee.

Saylor described ETFs as “shipping lines” and MicroStrategy as more like an “airline,” offering high performance without fees.

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Commenting on the recent Financial Accounting Standards Board rules allowing corporations to capture the highs and lows of cryptocurrency holdings, Saylor called fair value accounting a “giant step forward for the industry.“

Saylor sees it as a game-changer for corporations, enabling them to beat the cost of capital by holding a digital asset like Bitcoin as a Treasury Reserve. Michael Saylor remains confident in Bitcoin’s potential and MicroStrategy’s strategic approach.