One of Microstrategy’s co-founders and a fervent Bitcoin enthusiast named the Bitcoin ETF as potentially the biggest thing to hit Wall Street in the last 30 years. According to him, the last thing of such monumental significance was the creation of the S&P index, allowing investment in all 500 S&P companies in one fell swoop.
In a Bloomberg interview, Michael Saylor put it in his own words, confirming what’s already on everyone’s lips. But hey, it’s nice to hear it again from such a financial heavyweight, right?
He believes we’ve never before witnessed a 2-10x surge in demand coupled with a halving of the supply of a scarce, desired asset that people would want to hold for an extended period. Michael’s confidently declaring that 2024 is set to be a massive bull run for this asset class. Ah, that’s the sweet sound of validation, isn’t it?
According to Buy Bitcoin Worldwide, MicroStrategy now owns 174,530 BTC with an average purchase price of $30,252. At current prices, that’s worth $7.3 billion, and at the time of publication, MicroStrategy upped its Bitcoin investments by $2.1 billion.
MicroStrategy has been offering traditional investors a chance to mingle with Bitcoin since it first started buying it back in 2020. The perk for investors? They get leverage without the commission. The firm pitches itself as a sort of high-performance tool for those who are long-term Bitcoin investors.
“Our goal is always to find a way to pursue more Bitcoin per share for our shareholders” explained Michael.
Another $30 trillion in Bitcoin’s Piggy Bank
Grayscale, one of the frontrunners gunning for approval on a Bitcoin spot ETF, met with the Securities and Exchange Commission’s (SEC) trading and markets division on November 22nd. They aimed to discuss the details of their flagship Bitcoin trust, which the firm is eager to transform into an ETF.
Grayscale’s CEO, Michael Sonnenshein, eagerly awaits the arrival of Bitcoin spot ETFs to open the gates for those in the investment community who haven’t had the chance to dive into BTC yet. We’re talking a serious consultation market here in the USA, valued at a whopping $30 trillion today, clarified Michael.
He also expressed confidence that there’s a lot of optimism brewing once again in the BTC market, with many investors adding Bitcoin to their portfolios. And you can certainly trust this info, considering he’s got front-row access to it.
Beyond the funds flowing into Bitcoin, Jan3 CEO Samson Mow, who predicted that ETFs could drive Bitcoin prices to $1 million, believes that ETFs could help in the branding and marketing aspect of Bitcoin.
As a result
Looking at the positive attitude of the financial bigwigs, crypto enthusiasts’ hearts flutter with hope for unseen heights in Bitcoin’s price. If Michael Saylor didn’t believe in Bitcoin a mere 10 years ago and now his company owns an amount worth billions of dollars, that really gets you thinking. Especially when the same tune is sung by the second owner of the largest Bitcoin investment trust, Michael Sonnenshein.
Hmm… yet another Michael. Is that, like, a financially successful name or something? Think about it if you’re expecting your first child!
So now, a million-dollar Bitcoin doesn’t seem all that far-fetched, right?
