Michael Saylor, executive chairman of MicroStrategy, projects significant growth in value by 2024. This forecast is based on two major upcoming events: the expected approval of Exchange Traded Funds (ETFs). ) Bitcoin spot delivery on January 10, 2024 and the Bitcoin halving event scheduled for April. The latter will reduce the number of Bitcoins mined daily from 900 to 450.
Saylor, whose company has a sizable Bitcoin portfolio, believes that these developments will cause both supply and demand shocks in the market. In Tuesday’s Bloomberg interview, he compared the potential impact of a U.S. SEC-approved spot Bitcoin ETF to historic Wall Street developments like the advent of index funds. This suggests that the approval of a spot Bitcoin ETF could be a pivotal moment that brings mainstream investors into the crypto space.
Anticipating this potential uptrend, MicroStrategy not only maintained but also increased its investment strategy for Bitcoin. The company recently consolidated its holdings with a $5.3 million purchase when the Bitcoin price was above $34,000. The move is in line with analysts’ strong expectations for ETF approval and shows MicroStrategy’s strategy for further accumulation based on these forecasts.
MicroStrategy plans to use strategies such as low-interest borrowing or what Saylor calls “smart leverage” to invest further in the digital currency. This tactic is part of their preparations for expected market changes and emphasizes their confidence in the future value of Bitcoin.
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