That promise loomed large in the minds of expectant first-century Jewish leaders—so much so that many of them were prepared to reject Him because they did not know His birthplace and assumed, naturally, that he had been born in the region of his parents' home: "Are you from Galilee too? Search and see that no prophet arises from Galilee" (John 7:52).
But I think the most amazing thing about Micah's prophecy is the way the deity of Christ is expressed in the verse's final phrase. Israel's Messiah would be One "whose coming forth is from of old, from ancient days."
The clear implication of that expression is that the birth of Christ in Bethlehem was not the beginning of Christ as God's Son and our Sovereign. He is eternal. He "came forth" from Bethlehem, but He did not come from there in the first place. His "goings forth have been from of old, from everlasting"—to use the familiar phrasing from the King James Version.
Notice also that the words of this prophecy are spoken directly by God the Father. Some clear threads of Trinitarian doctrine are woven into the fabric of the text. God the Father is speaking, and in speaking about the One who would come forth out of Bethlehem, He says this: "from you shall come forth for me one who is to be ruler in Israel."
Don't miss the importance of those two words "for Me." God the father is sending this eternal Person to be born and to rule and to redeem His people, and to make righteousness reign over all the earth.
The language is of course reminiscent of John 3:16, John 10:36, Galatians 4:4, 1 John 4:9-10, and 1 John 4:14.
That is the gospel, and it's embedded in our text by implication. Christ—God the Son—came to this earth at the behest of God the Father, on a mission of mercy and redemption. He calls us to repent of our sins and believe in Him—and He does all the work of redemption Himself. It's not up to us to atone for our own sin—we simply lay hold of His grace by faith.