As the countdown continues toward the anticipated approval of Bitcoin ETFs, investors and issuers are anxiously awaiting the decision from the US Securities and Exchange Commission (SEC).
The impending deadline has raised hopes for a successful conclusion, which would cause a significant change for the top digital asset and the cryptocurrency industry as a whole.
In an appearance on Bloomberg TV on Tuesday, Michael Saylor, the executive chairman of MicroStrategy, stated that the markets should not undervalue the significance of the upcoming spot Bitcoin ETFs.
Saylor made a bold claim during a Tuesday interview with BloombergTV, suggesting that this would be the “biggest development on Wall Street” in the last three decades.
He said:
“It’s not unreasonable to suggest that this might be the biggest development on Wall Street in 30 years.”
Bitcoin ETF Would Open Channel For Institutional Investors – Saylor.
Citing comparisons, he cites the S&P 500 ETF as the most similar example, emphasizing its launch as a revolutionary financial instrument that provided investors with simple, one-click access to the extensively followed index.
Saylor went into further detail on the importance of a spot Bitcoin ETF, highlighting how its launch would open up a channel for institutional and regular investors alike.
For individuals who had not previously had access to a “high bandwidth compatible route” for Bitcoin investment, this would be very revolutionary.
Essentially, the ETF would act as a doorway, democratizing the process of entering the cryptocurrency space and encouraging a wider range of investors to participate.
He said that approval will cause a “demand shock,” highlighting the fact that ETFs will give institutional investors a legal way to invest in the asset class.