Bitcoin evangelist and MicroStrategy co-founder Michael Saylor remains steadfast in his bullish outlook for the cryptocurrency, predicting that the price of Bitcoin could rise to $13 million per coin within the next 21 years. Despite recent market fluctuations, Saylor shared his optimistic forecast during an interview with CNBC on Monday, September 10, 2024.
A Bold Prediction for Bitcoin’s Future
MicroStrategy, the largest public holder of Bitcoin, owns over 1% of the total BTC supply. Saylor, a vocal advocate of Bitcoin, highlighted his long-term vision for the cryptocurrency, stating, “Bitcoin is 0.1% of the capital in the world right now—I think it’s going to go to 7% of the capital.” His forecast for Bitcoin’s price to reach $13 million over the next two decades stems from his belief in Bitcoin’s growing adoption and importance in the global financial system.
MicroStrategy’s Bitcoin Strategy Pays Off
MicroStrategy’s journey into Bitcoin began in 2020 when the company made its first major purchase, acquiring Bitcoin when the asset was valued at less than $12,000 per coin. Saylor positioned Bitcoin as the ultimate investment for protecting shareholder value, claiming that large cash reserves were losing value due to inflation. Since then, the company’s stock has skyrocketed, with MicroStrategy emerging as a proxy for Bitcoin investment.
As of today, MicroStrategy holds 226,500 Bitcoins, worth $12.8 billion at the current price of $56,576 per coin. The company’s stock has also seen a significant rise, with shares trading at $1,610 on Monday, reflecting a 14% increase. MicroStrategy continues to benefit from its Bitcoin accumulation strategy, even as new financial products like Bitcoin exchange-traded funds (ETFs) enter the market.
Political Influence on Crypto Policy
In addition to his market predictions, Saylor weighed in on the shifting political landscape regarding cryptocurrency regulation. He pointed out that the Republican party has become more progressive in its stance on crypto, while the Democratic party has adopted a more centrist position. As the U.S. presidential elections approach, crypto policy is expected to play a significant role, with Republican frontrunner Donald Trump taking a pro-Bitcoin stance.
Despite Bitcoin’s recent volatility, Saylor’s confidence in its long-term potential remains unshaken, as he continues to promote Bitcoin’s role in the future of global finance.
Credit: Decrypt
