Michael Saylor Expects Bitcoin Demand to Double After Halving and Spot Bitcoin ETF Approvals

Microstrategy Chairman Michael Saylor expects the request for bitcoin to treble aft the halving and the approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The Microstrategy enforcement says the adjacent 12 months volition beryllium “pretty auspicious for the plus class.” He besides highlighted 3 cardinal factors that helium expects to thrust the terms of bitcoin to $5 cardinal a coin.

Bitcoin Demand to Double, Says Saylor

Microstrategy (Nasdaq: MSTR) Chairman Michael Saylor discussed the aboriginal outlook for bitcoin successful an interrogation with Fox Business connected Monday. The pro-bitcoin enforcement was asked astir the factors that volition thrust up the terms of bitcoin.

Saylor explained that the proviso and request for BTC “are successful equilibrium close now.” However, helium emphasized that determination are 2 events that volition boost the terms of the cryptocurrency: the halving successful April adjacent twelvemonth erstwhile the bitcoin proviso gets chopped successful fractional and the impending approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). He stressed that pursuing the halving and the launches of spot bitcoin ETFs:

The request has got to astatine slightest double. So the lone happening that’s going to set determination is the terms successful bid to get to market.

The Microstrategy president advised investors to ticker for the halving and the approvals of spot bitcoin ETFs, noting that the adjacent 12 months volition beryllium “pretty auspicious for the plus class.”

Saylor believes that the terms of bitcoin volition yet scope a staggering $5 million. “There are 3 things that are monolithic catalysts to origin an acceleration,” the enforcement said during a caller treatment connected X. “Those 3 things don’t instrumentality america to $500,000, they instrumentality america to $5 cardinal a coin.”

He proceeded to explicate that the archetypal is “A spot ETF wherever idiosyncratic tin spell up and bargain $100 cardinal successful bitcoin by an ETF security.” The 2nd is “Your slope volition custody it for you and lend against it,” helium added, noting that the 3rd is the quality for businesses to people their bitcoin investments up oregon down successful their equilibrium expanse based connected just value.

The Nasdaq-listed institution implemented a bitcoin strategy successful August 2020 and has been actively accumulating BTC for its treasury ever since. The steadfast precocious stated: “As of October 31, 2023, we held 158,400 bitcoins acquired for a full outgo of $4.69 billion, oregon $29,586 per bitcoin.”

What bash you deliberation astir the predictions by Microstrategy Chairman Michael Saylor astir bitcoin? Let america cognize successful the comments conception below.