MicroStrategy founder Michael Saylor believes an adoption of spot Bitcoin (BTC) exchange-traded funds (ETFs) will spark massive market growth for BTC.
In a new earnings call from MicroStrategy, outspoken Bitcoin bull Saylor says say that BTC ETFs would likely attract a huge amount of funding from institutional investors.
“And as we look forward to the arrival of potential spot ETFs, we believe this will actually grow the market dramatically and provide yet another great investment option for a different class of institutional investors, benefiting everyone.”
Saylor says the BTC ETFs would create an easy route for traditional financial entities to invest in the king crypto.
“With that, I think I’ll say a few final words about the prospects for the Bitcoin market. First of all, there is a lot of talk about spot ETFs. If and when they are approved, we certainly think they will be beneficial for the entire asset class.
They will provide a stepping stone for capital on Wall Street to enter the Bitcoin ecosystem and they will dramatically increase the availability of Bitcoin as an asset for retail investors as well as institutional investors, corporate investors, and trusts and endowments. like it.
So we think there are many types of investors who will benefit from this product.”
He also says increased demand for BTC ETFs and the upcoming halving in April 2024 make him bullish on total assets.
“And because Bitcoin has a fixed supply as demand increases, we think this will be bullish for the entire asset. The second important factor in the market outlook, in our view, is the halving. The halving is coming now. This is expected to be sometime at the end of April 2024.
A large portion of the organic sales demand or supply available for Bitcoin sales or natural sellers are Bitcoin miners. And after the halving, the natural supply available for sale will be halved, at least from Bitcoin miners. And Bitcoin miners make up a substantial portion of all natural sellers in the market.
So the halving should have a pretty dramatic material effect on the supply available for sale, while increasing demand for the asset through spot Bitcoin ETFs. So we think this is bullish for the asset class.”
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