What Is The Final Push For Bitcoin? MicroStrategy CEO Michael Saylor’s Big Reveal

Picture of MicroStrategy CEO Michael Saylor with a bitcoin next to him

There is not any telling what precisely could be the factor that pushes bitcoin into the $2 trillion territory. For now, the asset continues to be some of the helpful property on the planet with a complete market cap of $1.15 trillion. Nonetheless, traders proceed to look what would be the subsequent large factor for BTC, one thing that may catalyze the expansion of bitcoin, inflicting it to rally in the direction of $100K.

One of those traders trying to the longer term is MicroStrategy’s CEO Michael Taylor. Saylor has at all times been a BTC maximalist and has seized each alternative to evangelize the advantages of the property. The CEO has taken each knowledgeable and private stance himself, holding BTC personally and thru this firm MicroStrategy. Continuing to be bullish on the digital asset, Saylor reveals what he believes would be the subsequent large push for the asset.

Related Reading | Bitcoin Breaks Above $68,000, Where Does It Go From Here?

Spot Bitcoin ETFs Will Rock The Space

After the approval of the primary Bitcoin Futures ETFs in October, traders have shifted their focus to the subsequent factor on the agenda. Spot Bitcoin ETFs are being filed with the Securities and Exchange Commission, though it may be some time till the regulator returns its resolution on these. Nevertheless, traders proceed to hope for an approval sooner relatively than later.

The eagerness behind the Spot Bitcoin ETFs need to do with the great success of the ProShares Futures ETF when it had first hit the market. In the primary 24 hours, the ETF had recorded over $1 billion in trades, which had subsequently brought about push within the asset that led to a brand new all-time excessive of $67K. BTC lovers consider {that a} Spot Bitcoin ETF would do even higher out there given its appreciable benefits over a Futures ETFs.

BTC falls continues bull pattern | Source: BTCUSD on TradingView.com

Saylor seems to share this sentiment with the remainder of the market as he introduced to the market the place he sees the digital asset going if a Spot ETF will get permitted. The CEO stated at Bloomber’s Financial Innovation Summit {that a} Spot ETF approval would see extra money move into the market. Saylor sees the Spot ETFs triggering a cascading impact that may result in trillions of {dollars} being invested within the asset.

“Once these spot ETFs roll, I feel you’ll see billions, then tens of billions, then lots of of billions, then trillions of {dollars} move into them.”

Market May Not See A Spot ETF Anytime Soon

One factor that works towards Saylor’s prediction for bitcoin is the truth that the Spot ETFs could also be far off into the longer term. Bloomberg Intelligence had earlier launched a report analyzing the probability of the SEC approving a Spot ETF.

James Seyffar, a market analyst at Bloomberg, stated that it’s unlikely that a Spot Bitcoin ETF would gain approval this year. Instead, Seyffart stated, an Ethereal Futures ETF could be extra seemingly at this level.

Related Reading | Bitcoin Breaks Above $68,000, Where Does It Go From Here?

The analyst didn’t fully rule out an ETF approval although. “Most market contributors agree {that a} Spot Bitcoin ETF could be superior to present futures ETFs, but SEC approval of the previous could also be delayed till late 2022 or past,” Seyffart stated.

Trading discounts in shares of Grayscale’s Bitcoin Trust have additionally pointed in the direction of a Spot ETF approval being unlikely this 12 months. The fund has been buying and selling at a couple of unfavorable 17% low cost, implying that traders don’t consider the submitting to have its flagship bitcoin fund was a Spot ETF permitted. Hence, traders weren’t prepared to buy the shares at a better premium.

Featured picture from AZCoin News, chart from TradingView.com

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