Michael Saylor Predicts 2024 Bull Run, With Bitcoin ETF as Major WallStreet Development in 30 Years
In a recent Bloomberg interview, Michael Saylor, Co-Founder and Executive Chair of MicroStrategy, shared his bullish outlook for Bitcoin in 2024, hinging significantly on the advent of spot Bitcoin ETFs. Saylor emphasized the historical significance of this development, calling it the “biggest development on Wall Street in 30 years,” paralleling the invention of the S&P 500.
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2024: A Year of Potential Bitcoin Bull Run
Saylor’s insights suggest a major shift in the Bitcoin market dynamics. Currently dominated by ‘holders’ and traditional crypto investors, the Bitcoin market may see a transformative influx of mainstream and institutional investors once spot ETF approvals are announced, potentially in January.
According to Saylor, this influx is poised to trigger a significant demand shock. With only 900 Bitcoins available daily from natural sellers and a speculated drop to 40 Bitcoins per day, Saylor predicts a consequent supply shock. This unique combination, he argues, sets the stage for a major bull run in 2024.
MicroStrategy’s Strategy: A Unique Approach in Crypto
Unique in its operational approach, MicroStrategy stands poised to capitalize on this potential market shift. Saylor describes the company as an agile entity, akin to an airline in efficiency, in contrast to the shipping line-like nature of spot ETFs. Through various methods, including profit and loss operations and capital market activities, MicroStrategy aims to enhance its Bitcoin holdings, focusing on long-term investor value and Bitcoin value per share.
Impact of FASB’s New Rules on Crypto Accounting
A significant development Saylor highlights is the Financial Accounting Standards Board’s (FASB) new rules for cryptocurrency accounting. Slated for official implementation in 2025, these rules will allow corporations to reflect the volatility of their cryptocurrency holdings, capturing the highs and lows through fair value accounting. Saylor sees this as a game-changer for corporate balance sheets, turning them into dynamic assets.
