Michael Saylor Remains Bullish on Bitcoin as Future Digital Gold, Targets $1 Million per Coin

Michael Saylor Remains Bullish on Bitcoin as Future Digital Gold, Targets $1 Million per Coin

UTC by Temitope Olatunji · 3 min read

“I think Bitcoin is going to go into the stratosphere,” Saylor commented when asked about Bitcoin’s 56% value surge since October.

During a recent interview with CNBC, Michael Saylor, the Executive Chairman and co-founder of MicroStrategy Inc (NASDAQ: MSTR), expressed his unwavering confidence in Bitcoin’s (BTC) long-term path. He highlighted certain fundamental aspects that will position BTC as the digital equivalent of gold, making it a crucial component of institutional investment portfolios worldwide.

Michael Saylor on Bitcoin

While the broader cryptocurrency landscape faces uncertain prospects in the eyes of many wary observers, Saylor touted Bitcoin specifically as a reliable strategy for corporations and asset managers alike as capital evolves digitally.

When asked about Bitcoin’s 56% value surge since October, Saylor credits the recent gains to several factors. A significant one is the positive developments related to ETFs, where the SEC has provided clear requirements to the companies involved. Additionally, there have been relaxed monetary policies implemented by various countries worldwide, with some countries like El Salvador even accepting crypto as legal tender. The global inflation situation has also increased demand for BTC. These various dynamics have solidified Bitcoin’s position as a key player in a significant global financial shift.

Michael Saylor also expressed his approval for upcoming accounting rules that will mandate companies to assign fair-market values to their cryptocurrency holdings on their balance sheets. This introduction of increased transparency is advantageous for institutional pioneers like his enterprise software firm MicroStrategy. Since 2020, MicroStrategy has acquired over $5 billion worth of Bitcoin, and these accounting rules will provide a clearer picture of the value of their holdings.

The MicroStrategy co-founder also shared his perspective on Bitcoin, comparing it to Apple’s impact as a digital transformation in the telecommunications industry. However, he believes that currently, the overall effect of Bitcoin is only about 0.1% because most people tend to invest their money in real estate, government bonds, stocks, and precious metals. He suggests that with more education and awareness about the benefits the crypto offers, people might begin to view it as a reliable way to store their money and preserve value.

Bitcoin on Track to Reach a Value of $1 Million per BTC

Michael Saylor thinks that Bitcoin could eventually reach a value of $1 million per coin, as long as it doesn’t completely collapse to zero. He supports his argument by mentioning the upcoming halving event, which will decrease the supply of Bitcoin entering circulation. With a reduced supply and an expected increase in demand, especially with the introduction of a spot BTC ETF, the price of Bitcoin is likely to continue rising. Additionally, the regulatory framework in various jurisdictions is expanding to include Bitcoin and other crypto solutions, as government commissions responsible for overseeing the industry are already examining it.

He also said that the potential institutional involvement in Bitcoin, the coming halving, and increasing adoption by individuals, companies, and countries will form a confluence of bullish factors for BTC over the next 6 months.

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