Famous billionaires Mark Yusko and Michael Saylor shared their predictions for the next Bitcoin bull. Yusko says the crypto market has now entered the bull zone…
Michael Saylor says ETF filings are important to Bitcoin bull
MicroStrategy founder Michael Saylor shared his predictions for the next Bitcoin bull on Twitter yesterday. Saylor says U.S. presidential candidates are moderate towards cryptocurrencies, despite regulatory pressure from the SEC. He sees this trend as a catalyst that strengthens cryptocurrencies in particular:
Bitcoin now has the support of presidential candidates, regulators, legislators, money managers, bankers, investors and the general public. The future will bring a parade of positives for those looking to multiply Bitcoin as a means of economic empowerment.
#Bitcoin now has the support of presidential candidates, regulators, legislators, money managers, bankers, investors, and the general public. The future will bring a parade of positives for those intent on proliferating bitcoin as an instrument of economic empowerment. pic.twitter.com/61HxmCTT9I
— Michael Saylor⚡️ (@saylor) June 22, 2023
SEC approves first Bitcoin ETF
There was a positive development today regarding Bitcoin ETFs pointed out by Michael Saylor. The US regulator SEC has approved the first leveraged Bitcoin Futures ETF. This breakthrough development has made the first ETF of its kind available in the US, and trading will begin Tuesday. Details of the development cryptocoin.comWe have included it in this article.
The 2x bitcoin ETF $BITX has become effective, scheduled to launch Tuesday. I was doubtful it would happen but looks like it’s official. Could this be early sign of SEC lightening up? After $BITO launch I believe they made earlier 2x filers withdraw pic.twitter.com/XXxSt9xypu
— Eric Balchunas (@EricBalchunas) June 23, 2023
In terms of context, an ETF or Exchange Traded Fund is a type of investment vehicle that tracks the performance of certain assets. Here, the BITX ETF focuses on Bitcoin. What makes this ETF unique is its leveraged strategy specifically aimed at doubling BTC returns. This leverage is achieved through the use of financial derivatives and other instruments. Thus, investors can potentially benefit from both the upward and downward movements of the BTC price.
On the other hand, investors like Mark Yusko are noting the ETF news as well as the upcoming Bitcoin halving cycle.
Mark Yusko says crypto rally has just begun: He gave the date
Morgan Creek Capital founder Mark Yusko says that the crypto market is now in bull territory. In a new CNBC interview, he says the crypto market is in the early stages of a fresh bull market that could last until next year, when BTC will go through its next halving. According to Yusko, we will climb within the bull market until April 2024, the next BTC halving date:
I think the rally is just getting started. We have just entered the so-called seasonal era of crypto summer. There is a four-year cycle around something called halving, where the block rewards for Bitcoin change every four years. This results in a cumulative period leading up to this. This event will take place next April. Then, after the halving event, we usually get a speculative blowout followed by a negative overreaction called a crypto winter.
Yusko also reiterates that he believes Bitcoin is the best use case. According to the executive of Morgan Creek Capital, Bitcoin is poised to replace gold as the base layer of money:
Bitcoin is digital gold. It replaces what gold has been doing for 5000 years. There is only one money in the world: gold.
