The Next Big Catalyst For Bitcoin? What Michael Saylor Predicts

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.

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.

“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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