Bitcoin advocate Michael Saylor said the year 2024 would be “The Year of Bitcoin” ahead of the potential approval of the spot Bitcoin ETF around January 10, 2024. Along with the Bitcoin Halving event, the launch of spot ETF could leave 2024 with a historical footprint in the crypto space.
Also Read: BTC Price On Verge Of Touching $50K Ahead Of Bitcoin ETF Approval?
MicroStrategy BTC Accumulation In 2024
MicroStrategy, the business intelligence and software company, holds the unique distinction in the crypto space with being the largest institutional holder of Bitcoin ($BTC). Adding on to its Bitcoin bet, the company is continuing to add yo its massive BTC holding. As recent as December 27, 2023, the company purchased 14,620 BTC worth $615 million, CoinGape reported. With this addition, MicroStrategy’s total Bitcoin holdings reached 189,150 BTC, as of December 26, 2023.
Wishing on the new year 2024, Saylor said,
“Welcome to 2024, The Year of Bitcoin.”
Meanwhile, the MicroStrategy stock ($MSTR) could continue its streak of gains in 2024 owing to the two key events, Halving and ETF approval. In the last one year, MSTR stock moved up by a massive 336%, compared to the 172% gains for BTC price during the same period.
2024 Could Be Year Of Mainstream Crypto Adoption
Thanks to the participation of financial institutions like Blackrock and Fidelity in the spot ETF space, the flow of institutional money into crypto is highly likely in 2024. However, the questions about retail buying of cryptocurrencies still remains unanswered as the U.S. Securities and Exchange Commission (SEC) is yet to give clear guidance around the same.
This continues despite the legal setbacks in the form of XRP lawsuit defeat earlier in 2023, that cripples the SEC’s narrative that the cryptocurrencies purchased on crypto exchanges amount to be investment contracts. Yet, the spot ETF approval, which gives indirect exposure to Bitcoin for retail investors, could go into history as an important milestone for crypto industry.
Also Read: What Are Chances Of Bitcoin ETF Approval Before January 6, 2024?
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