Michael Saylor, executive chairman of MicroStrategy (MSTR), said in an interview with Bloomberg TV on Tuesday that the market should not underestimate the importance of the upcoming Bitcoin (BTC) spot ETF.
“This is probably the most significant development on Wall Street in the last 30 years, and not without reason,” said Saylor, who argued that the last comparable new product was the S&P 500 ETF, which allows investors one-click exposure to this widely watched index.
Until now, mainstream investors - both individuals and institutions - have not had a "high-bandwidth" compliant channel to invest in Bitcoin, Saylor said, and that will all change with the emergence of spot ETFs. Saylor argued that this new tool will create a demand shock for Bitcoin, followed by a supply shock from the April halving event - when the number of Bitcoins produced per day will be reduced from the current 900 to 450.
Saylor said it all adds up to setting Bitcoin up for a big bull run next year, although he declined to speculate on how far the price might go.