Michael Saylor: The launch of spot BTC ETFs will be the biggest event on Wall Street since 1993

What’s new? Michael Saylor, the head of the board of directors of analytical software developer MicroStrategy (MSTR), is extremely positive about bitcoin’s prospects if spot exchange-traded funds (ETFs) based on it are approved by the US securities regulator SEC. According to the businessman, the admission of such products to the market will be the biggest event for Wall Street in the last 30 years and will lead to an explosive growth in demand for bitcoin. At the same time in April next year, the number of coins coming into circulation will be halved as a result of halving, and in combination, these two factors will lead to an increase in the price of the asset. However, the businessman did not give a prediction of what level it could reach.

CoinDesk’s material

What else is known? Saylor believes that markets are still wrongly underestimating the importance of the upcoming launch of spot BTC ETFs, although the previous comparable event took place only in 1993. Back then, the exchange-traded fund SPDR appeared, based on the S&P 500 stock index from Standard & Poor’s, which tracks the 500 largest public companies by capitalization.

He explained that spot BTC ETFs will allow retail and institutional investors to get instant access to the cryptocurrency, and demand for it will increase dramatically. At the same time, another halving on the Bitcoin network is expected in April, according to the results of which miners will receive not 6,25, but 3,125 BTC for a mined block. Thus, not 900, but only 450 coins (on average) will be put into circulation per day.

MicroStrategy is the largest holder of bitcoins among public companies. At the end of November, it increased its accumulation to 174 530 BTC bought at an average price of $30 252 for a total value of just under $5,3 billion. Given the asset’s recent appreciation, the company’s unrealized gain on its cryptocurrency investments is approximately $2,18 billion (as of December 20, 08:40 UTC at the Binance exchange rate).

MSTR shares are trading at $571,3 on Nasdaq and have added 292% since the beginning of the year.

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Earlier, Saylor also positively assessed the new rules for accounting for crypto assets in the United States. From 2025, local companies will be obliged to reflect digital assets on the balance sheet at fair value. According to the businessman, this development will remove the main obstacle to corporate adoption of bitcoin.