Michael Saylor Expects Bitcoin Demand to Double After Halving and Spot Bitcoin ETF Approvals
Microstrategy Chairman Michael Saylor expects the demand for bitcoin to double after the halving and the approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The Microstrategy executive says the next 12 months will be “pretty auspicious for the asset class.” He also highlighted three key factors that he expects to drive the price of bitcoin to $5 million a coin.
Bitcoin Demand to Double, Says Saylor
Microstrategy (Nasdaq: MSTR) Chairman Michael Saylor discussed the future outlook for bitcoin in an interview with Fox Business on Monday. The pro-bitcoin executive was asked about the factors that will drive up the price of bitcoin.
Saylor explained that the supply and demand for BTC “are in balance right now.” However, he emphasized that there are two events that will boost the price of the cryptocurrency: the halving in April next year when the bitcoin supply gets cut in half and the impending approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). He stressed that following the halving and the launches of spot bitcoin ETFs:
The demand has got to at least double. So the only thing that’s going to adjust there is the price in order to get to market.
The Microstrategy chairman advised investors to watch for the halving and the approvals of spot bitcoin ETFs, noting that the next 12 months will be “pretty auspicious for the asset class.”
Saylor believes that the price of bitcoin will eventually reach a staggering $5 million. “There are three things that are massive catalysts to cause an acceleration,” the executive said during a recent discussion on X. “Those three things don’t take us to $500,000, they take us to $5 million a coin.”
He proceeded to explain that the first is “A spot ETF where someone can go ahead and buy $100 million in bitcoin by an ETF security.” The second is “Your bank will custody it for you and lend against it,” he added, noting that the third is the ability for businesses to mark their bitcoin investments up or down in their balance sheet based on fair value.
The Nasdaq-listed company implemented a bitcoin strategy in August 2020 and has been actively accumulating BTC for its treasury ever since. The firm recently stated: “As of October 31, 2023, we held 158,400 bitcoins acquired for a total cost of $4.69 billion, or $29,586 per bitcoin.”
What do you think about the predictions by Microstrategy Chairman Michael Saylor about bitcoin? Let us know in the comments section below.
