A Massive BTC Bull Run Will Happen In 2024 – Michael Saylor
The co-founder and executive chairman of MicroStrategy, Michael Saylor, forecasts that the value of Bitcoin will experience a considerable increase in the year 2024. He cites two significant triggers that will catapult the leading cryptocurrency to new heights.
Spot ETF Approval
During a recent interview with a popular media outlet, Saylor emphasized the critical significance that the approval of a spot Bitcoin exchange-traded fund (ETF) will play. He opined that this US SEC decision could be the most substantial development on Wall Street in three decades.
Saylor believes that the introduction of spot exchange-traded funds (ETFs) in January will make it possible for mainstream investors and institutions to direct their investments into the cryptocurrency market, which would result in a significant increase in customers’ interest in investing in the cryptocurrency.
Halving Event
Saylor further said that the halving event scheduled to take place in April 2024 for Bitcoin is another significant event that will boost BTC’s projected bull run. The halving event will reduce the daily earnings of Bitcoin miners from 900 to 450 BTC, creating a large supply shock in the market.
Bitcoin’s current price on the market is $43,775, per Coingecko data. However, it’s down 0.3% in the last 24 hours. Saylor’s bullish attitude and predictions about BTC’s value are based on these forthcoming catalysts. Thus, investors have a huge opportunity to make substantial profits in 2024.
Bitcoin Will Become A Treasury Reserve Asset For Major US Corporations – Saylor
Furthermore, Saylor predicted a revolution in the US corporate finance ecosystem, stating that Bitcoin (BTC) could emerge as a valid treasury reserve asset for prominent corporations in the United States. Should his prediction become a reality, it would indicate a huge shift in the landscape of the financial industry.
Saylor also shared his insights about the impending implications of new regulations regarding the reporting of cryptocurrency holdings for publicly traded firms by the Financial Accounting Standards Board (FASB). These rules require that the “fair value” of crypto assets be disclosed on the balance accounts of firms.
However, the implementation of these new rules is to take place after the 15th of December in 2024. In his explanation of the ramifications, Saylor emphasized that new restrictions would make it possible for businesses that have considerable cash reserves, such as Berkshire Hathaway and Apple Computer, to allocate their capital in ways that go beyond treasuries and national debt.
He further said that these corporations now have the opportunity to diversify their holdings as a result of the new fair value accounting system, which recognizes Bitcoin as a legal asset that may be used as a treasury reserve. In response to the concerns raised by stakeholders with the existing reporting regulations, the FASB acknowledged that these rules do not accurately reflect the complete economics of crypto assets and the financial circumstances of companies.
By mandating the measurement of fair value, the FASB aims to decrease the complexity associated with existing accounting methods.
Bitcoin’s Role In The Digital Transformation Of Capital
In addition, Saylor emphasized his conviction that Bitcoin plays a significant role in the evolving digital transition. He believes that Bitcoin is the digital transformation of capital when compared to earlier technological revolutions such as Apple and Google.
Saylor also pointed to the growing shift in investors’ sentiment toward digital assets. Hence, he advocated for increased capital allocation into this digital area. In addition, Saylor reaffirmed his conviction in Bitcoin’s legitimacy as an institutional asset.
He also suggested that there is a possibility of an increase in the acceptance of Bitcoin across a variety of investment portfolios. Saylor’s views and those of other Bitcoin advocates have prompted a better understanding of cryptocurrencies, especially Bitcoin, and a reassessment of asset allocations in the finance industry.
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