News - Bitcoin spot ETF brings "biggest change on Wall Street in 30 years"

By Mike Hesp

Bitcoin spot ETF brings "biggest change on Wall Street in 30 years"

Bitcoin (BTC)
ETF

The Bitcoin Spot ETF is just around the corner. According to Michael Saylor, it will change Wall Street like it hasn't changed in a long time.

The Bitcoin Spot ETF is just around the corner. According to Michael Saylor, it will usher in the "biggest change on Wall Street in 30 years."

He said this in an interview with Bloomberg. He also predicted a "huge bull run" for Bitcoin in 2024.

The reason: a demand shock. The amount of Bitcoin on exchanges is dropping and fewer and fewer new coins are being added with the halving in April 2024. At the same time, an ETF for Bitcoin spot would dramatically increase demand.

"The last thing that was so profound was the creation of the S&P index and the ability to invest in all 500 S&P companies at once through one trade," Saylor says.

Michael Saylor is the CEO of MicroStrategy. The company is one of the largest holders of Bitcoin.

His treasury contains a total of 174,530 Bitcoin, purchased at an average price of $30,000. Current value: $7.3 billion. Unrealized gains: about $2 billion.

Approval for a Bitcoin ETF is expected in January 2024. Heavyweights on Wall Street such as BlackRock, the world's largest asset manager, have a application submitted. Market analysts expect an influx of institutional money.

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