By
Steve Muchoki
April 19th, 2024
According to the Microstrategy CEO, the price of Bitcoin will keep “going up forever”, regardless of periodic slumps in the market.
According to Michael Saylor, chief executive officer at business intelligence company MicroStrategy, Bitcoin (BTC) price could eventually hit $6 million per coin. Saylor, who personally owns at least 17,732 BTC, currently worth $866 million, believes the crypto is still far from its long-term potential. In a recent CNBC interview, the MicroStrategy CEO asserted:
“Our view is [Bitcoin will] be volatile because it is connected to the whole crypto market and new, but the price will go up forever.”
MicroStrategy Has Found Relative Success So Far with Bitcoin
In addition to Saylor’s personal BTC stash, MicroStrategy owns about 122,478 BTC, which it has acquired over two years. In fact, in early December, the software analytics firm announced the acquisition of an additional $84 million worth of the leading crypto. Furthermore, this now sets MicroStrategy’s overall BTC haul at an average purchase price of approximately $30K per token. Plus, the total value of crypto in MicroStrategy’s possession is now roughly $5.9 billion.
The Virginia-based analysis software maker first made its foray into BTC in 2019. This was when the company bought about $250K worth of the prominent digital currency. Today, that value is now commendably worth a hefty $1 billion.
MicroStrategy initially reaped massive returns, with its venture into BTC, in 2020. However, the company has only realized tiny profits on the money it deposited this year. The price of BTC is up by about 70% since the beginning of 2021. However, it is still 29% lower than its all-time high of over $68K last month. Comparatively, MicroStrategy’s reserves increased by about 40%, while the benchmark S&P 500 gained 22.33%.
Michael Saylor and His Long-standing Affinity for BTC
Saylor is a long-time devotee of BTC and has never sold any of his digital currencies to date. As a matter of fact, the MicroStrategy CEO does not “believe you should sell your Bitcoin”, as he his bullish on its price. His most recent assertion that the leading crypto would eventually surge more than 1,200% from current levels, is hardly surprising to many. This is because back in February, Saylor predicted the market cap of BTC would one day hit $100 trillion. Put in perspective, this means that Saylor is expecting the BTC market cap to double the current value of the US stock market.
Saylor converted nearly all of MicroStrategy’s cash into BTC. He even resorted to borrowing more than $2 billion in debt to buy more of the volatile crypto. So strong is Saylor’s belief in BTC and the larger world of digital assets, that he once famously prophesied:
“One day billions of people will hold digital property, we want to get there before billions of people get there.”
Saylor also refers to BTC on Twitter as “electric money” and uses other catchy metaphors to define the leading digital currency. No one really knows where the MicroStrategy CEO’s affinity for BTC originated from, however, it continues to serve him well.
Saylor also once famously lost $6 billion in personal wealth over 21 years ago. At the time, this was due to MicroStrategy’s price per share plummeting from $226.75 to $86.75 in a single day.