Michael Saylor Expects Bitcoin Demand to Double After Halving and Spot Bitcoin ETF Approvals Microstrategy (Nasdaq: MSTR) Chairman Michael Saylor discussed the future outlook for bitcoin in an interview with Fox Business on Monday. The
pro-bitcoin executive was asked about the factors that will drive up the price of bitcoin. Saylor explained that the supply and demand for BTC
“are in balance right now.” However, he emphasized that there are two events
that will boost the price of the cryptocurrency:
the halving in April next year when the bitcoin supply gets cut in half and the impending approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities
and Exchange Commission (SEC). Saylor believes that the
price of bitcoin will eventually reach a staggering $5 million.
“There are three things that are massive catalysts to cause an acceleration,” the executive said during a recent discussion on X. “
Those three things don’t take us to $500,000, they take us to $5 million a coin.” He proceeded to explain that the first is
“A spot ETF where someone can go ahead and buy $100 million in bitcoin by an ETF security.” The second is
“Your bank will custody it for you and lend against it,” he added, noting that the
third is the ability for businesses to mark their bitcoin investments up or down in their balance sheet based on fair value.
The Nasdaq-listed company implemented a bitcoin strategy in August 2020 and has been actively accumulating BTC for its treasury ever since. The firm recently stated:
“As of October 31, 2023, we held 158,400 bitcoins acquired for a total cost of $4.69 billion, or $29,586 per bitcoin.”
