The Next Big Catalyst For Bitcoin? What Michael Saylor Predicts
07 Maio 2024 - 5:00AM
NEWSBTC
In an interview with journalist Natalie Brunell, Michael Saylor,
executive chairman and co-founder of MicroStrategy, laid out his
vision for what could next propel the price of Bitcoin. His
insights come at a time when the digital currency landscape is
experiencing pivotal regulatory and institutional developments. The
Next Big Catalyst For Bitcoin Price Saylor pinpointed the specific
moment he believes heralded the onset of a new era for Bitcoin.
“January of 2024 marked the beginning of the period of corporate
adoption of Bitcoin,” he stated. The significance of this shift,
according to Saylor, is tied closely to regulatory approvals and
the distinctive path Bitcoin is carving for itself amidst a sea of
digital assets. The crux of Saylor’s argument is the US Securities
and Exchange Commission’s (SEC) decision-making process regarding
cryptocurrency spot Exchange-Traded Funds (ETFs). He described the
SEC’s approval of Bitcoin spot ETFs as the “first big catalyst.”
This regulatory nod not only legitimizes Bitcoin in the eyes of
institutional investors but also enhances its appeal as a viable
corporate treasury asset. Related Reading: Bitcoin Relative Open
Interest Lowest Since Feb, Analyst Says “Hard To Be Bearish” Now,
Saylor argues that the next decisive moment will hinge on the SEC’s
handling of other cryptocurrencies. “The second big catalyst will
be the SEC’s denial of every other crypto application for spot
ETFs,” Saylor explained. By denying these applications, the SEC
would effectively position Bitcoin as the premier, unreplicated
choice among cryptocurrencies, an outcome Saylor sees as critical
for dispelling doubts about Bitcoin’s long-term viability and
uniqueness. “And when we actually see the regulators deny the
applications of the copies of other crypto assets, then we will
have checked the box. It won’t be banned, it won’t be copied,”
Saylor remarked. Expanding on the implications of such regulatory
decisions, Saylor employed a metaphor involving the choice of
materials in large-scale engineering projects. He compared the
decision-making process in corporate investment in Bitcoin to
choosing between steel or bronze for constructing a skyscraper.
Related Reading: Here’s When Bitcoin Could Peak In This Accelerated
Bull Run: Analyst “Once you realize there’s just steel and there is
no second best metal for structural civil engineering, the project
moves forward,” he noted. In this analogy, Bitcoin is likened to
steel — the foundational material without substitute — clearing any
hesitation about its adoption in corporate portfolios. Should we be
watching for another catalyst that will spur more #Bitcoin
adoption? "The first big catalyst was the SEC's approval of spot
#ETFs for Bitcoin…the second big catalyst is going to be the SEC's
denial of every other #crypto application for a spot ETF…"
–@saylor… pic.twitter.com/4aKarg6eAS — Natalie Brunell ⚡️
(@natbrunell) May 6, 2024 Notably, this narrative is timely as the
crypto sector watches the SEC closely, particularly with regard to
Ethereum, the second-largest cryptocurrency by market cap. The
final deadline for the SEC to approve or deny the VanEck spot
Ethereum ETF is May 23, 2024, a decision that has been postponed
repeatedly. Bloomberg’s senior ETF analyst, Eric Balchunas, noted a
decrease in the likelihood of approval in March, citing a lack of
communication between the SEC and ETF applicants, which he viewed
as a negative signal for Ethereum’s immediate ETF prospects. At
press time, BTC traded at $63,835. Featured image from tesmanian,
chart from TradingView.com
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