Michael Saylor Says “The Year Of Bitcoin” Has Arrived, Here’s What He Means

Bitcoin News

MicroStrategy CEO, Michael Saylor has declared Bitcoin bullish in 2024. This announcement comes ahead of key events scheduled this year that have the potential to propel BTC’s price to greater heights.

The Year Of Bitcoin

Former Chief Executive Officer and co-founder of MicroStrategy, Michael Saylor has recently taken to X (formerly Twitter) to proclaim that 2024 is the year of BTC.  “Welcome to 2024, The Year of Bitcoin,” Saylor stated. 

The bold declaration comes in the wake of the approaching deadline for the United States Security and Exchange Commission’s (SEC) final decision on the approval or denial of Spot Bitcoin Exchange Traded Funds (ETF). 

Presently, about 13 applications for Spot Bitcoin ETFs have been submitted by renowned asset management companies. Despite this optimistic outlook of Spot ETFs, the US SEC has delayed all applications, citing investor security and potential market manipulation as part of its reasons for the postponement. As a result, the regulatory agency has been ordered to make its final judgment on Spot BTC ETFs by January 10. 

Moreover, several industry experts have predicted that the SEC would approve Spot BTC ETFs by January. The most prominent voices are Bloomberg analysts, James Seyffart and Eric Balchunas, who have forecasted a 90% chance of the SEC authorizing all applications for Spot Bitcoin ETFs. 

This outlook has sparked discussions among industry analysts about the potential surge in BTC’s price once Spot Bitcoin ETFs are approved. Adding to the anticipation is the upcoming Bitcoin halving scheduled for April 2024 which is considered to be a major event that could set the price of BTC skyrocketing this year. 

Saylor’s optimistic outlook for Bitcoin in 2024 is strengthened by MicroStrategy’s recent massive accumulation of BTC. On December 27, 2023, the company purchased approximately 14,620 BTC valued at $615 million. This recent BTC purchase represents a minute fraction of the company’s total BTC holdings. 

As of its last purchase, MicroStrategy owns a total of 189,150 BTC worth $5.90 billion with an average price of $31,168. The asset management company looks to be making serious investment preparations to secure a leading role in the anticipated 2024 BTC bull run. 

Bitcoin price chart from Tradingview.com

BTC price crosses $45,000 for the first time in over a year | Source: BTCUSD on Tradingview.com

BTC Kicks Off 2024 Soaring Past $45,000

In an exciting start to the new year, BTC has surged past the $45,000 price mark, setting the tone for what Bitcoin enthusiasts and investors like Michael Saylor hope will be a prosperous year for the leading cryptocurrency. 

At the time of writing, Bitcoin is trading at $45,008.98 after giving up some of its gains, as reported by CoinMarketCap. The cryptocurrency experienced a roughly 6% increase earlier in the day, pushing its price to a 21-month high of over $45,300. 

Other cryptocurrencies like Ethereum and Solana also traded higher following BTC’s surge. Ethereum is presently trading at around $2389.47, and Solana’s current price is $114.36.

Featured image from Investors King, chart from Tradingview.com

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