Markets
shouldn’t
underestimate
the
significance
of
the
coming
spot
bitcoin
(BTC)
ETFs,
said
MicroStrategy
(MSTR)
Executive
Chairman
Michael
Saylor
in
a
Bloomberg
TV
appearance
on
Tuesday.
“It’s
not
unreasonable
to
suggest
that
this
might
be
the
biggest
development
on
Wall
Street
in
30
years,”
said
Saylor,
suggesting
the
last
comparable
new
product
was
the
S&P
500
ETF,
which
allowed
investors
one-click
exposure
to
that
widely-followed
index.
Mainstream
investors
–
whether
at
the
individual
or
institutional
level
–
to
date
have
not
had
a
“high
bandwidth”
compliant
channel
for
putting
money
into
bitcoin,
said
Saylor,
and
that’s
all
about
to
change
with
the
spot
ETF.
This
new
vehicle,
argued
Saylor,
is
going
to
drive
a
demand
shock
for
bitcoin
which
will
soon
be
followed
by
a
supply
shock
in
the
form
of
April’s
halving
event
–
at
which
point
there
will
be
just
450
bitcoin
produced
each
day
versus
the
current
900.
It
all
adds
up
to
a
major
bull
run
for
bitcoin
next
year,
said
Saylor,
though
declining
to
speculate
on
how
far
the
price
may
go.
Addressing
the
oft-asked
question
about
whether
an
actual
spot
ETF
might
draw
investor
demand
away
from
MicroStrategy
–
which
is
often
thought
of
as
a
bitcoin
ETF
proxty
–
Saylor
noted
that
MSTR
is
an
operating
company
that
can
use
its
cash
flow
or
“intelligent
leverage”
to
boost
its
stack.
He
also
reminded,
unlike
with
ETFs,
there
is
no
fee
to
own
MSTR.