MicroStrategy’s Michael Saylor: 2 Catalysts To Trigger Bull Runs For Bitcoin

It has been reported that the maxi Bitcoin bull Michael Saylor says that there are two catalysts that could boost the price of Bitcoin in 2024. Check out more details about them below.

According to Michael Saylor, the co-founder and executive chairman of MicroStrategy, two key factors will drive the price of Bitcoin (BTC) up next year. In a recent interview with Bloomberg, Saylor stated that the approval of a Bitcoin exchange-traded fund (ETF) will lead to increased demand for the cryptocurrency, which could lead to a bull run in 2024.

“I think you can’t really underestimate the significance of the spot ETFs. It’s not unreasonable to suggest that this may be the biggest development on Wall Street in 30 years…

So, this is very eagerly anticipated. But most of the money in the Bitcoin market right now is the hodlers and their traditional crypto investors.

Mainstream investors, mainstream retail, mainstream institutions have not had a high bandwidth-compliant channel to invest in this asset class until the spot ETFs. So, I think in January, the approval of the spot ETFs is going to be a major catalyst, it’s going to definitely drive the demand shock.”

Saylor believes that Bitcoin’s halving event, which is scheduled for April 2024, will be a major trigger for a bull run. During the halving event, the rewards for BTC miners will be reduced by half.

According to Saylor, the approval of spot Bitcoin ETFs will cause a supply shock in April, as there are currently about 900 Bitcoin a day available for sale by natural sellers, the miners.

However, this number will be halved to 450 Bitcoin a day in April, which is a significant change.

There are all kinds of juicy bullish predictions these days and they are mostly due to the future SEC approval of a spot BTC ETF that will allegedly take place soon.