Amber

MicroStrategy CEO Says 1B People Would Store Life Saving in Bitcoin Using Phones by 2026

| Updated
by Ibukun Ogundare · 3 min read
MicroStrategy CEO Says 1B People Would Store Life Saving in Bitcoin Using Phones by 2026
Photo: Depositphotos

According to Michael Saylor, anyone with access to a mobile phone can save in Bitcoin regardless of what part of the world they live in.

The CEO of MicroStrategy Inc (NASDAQ: MSTR) Michael Saylor said that 1 billion people would have stored their life savings in Bitcoin using their mobile phones by 2026. Notably, Saylor has always been bullish about Bitcoin and optimistic that the digital asset is a store of value.

Saylor predicted that a billion people would have saved in Bitcoin using their phones by 2026 in a recent interview on the 23rd of February. During the interview with CNBC, the CEO referred to Bitcoin as “the dominant digital monetary network.”

MicroStrategy CEO Predicts Wide Bitcoin Adoption by 2026

Speaking further to CNBC’s Squawk Box, Saylor talked about the rapid adoption of Bitcoin globally. According to the interview, anyone with access to a mobile phone can save in Bitcoin regardless of what part of the country they live in. Also, anyone can use their phones to save in the digital asset against inflation on their currencies, becoming Bitcoin hodlers.

In response, Saylor said:

“The story here that’s not being told is that Bitcoin is egalitarian progressive technology. We are going to see a day when 7-8 billion people have a bar of digital gold on their phone, and they are using it to store their life savings with it.”

Explaining Bitcoin as a progressive technology, Saylor compared Bitcoin with other trillion-dollar companies. He stated that Google LLC (NASDAQ: GOOGL) took 22 years before becoming a trillion-dollar network. He also mentioned Amazon.com Inc (NASDAQ: AMZN) went 24 years, Apple Inc (NASDAQ: AAPL) took 42 years, and Microsoft Corporation (NASDAQ: MSFT) took 44 before becoming trillion-dollar networks. Saylor added:

“Bitcoin became a trillion-dollar digital monetary network in 12 years. The world needs this thing, and I think you can expect we’ll have a billion people storing their value, in essence a savings account on their device within five years.”

MicroStrategy Continuous BTC Advocacy

MicroStrategy started purchasing Bitcoin as a treasury reserve in August 2020. The company has continually acquired more in large quantities. After the initial 21,454 BTC purchase, the company has acquired more Bitcoin and now holds a total of 70,470 BTC. All were purchased at $1.125 billion.

Despite its enormous investment in Bitcoin, MicroStrategy plans to buy more. The company is planning to secure $900 million to add to its existing Bitcoin holdings.

Following news on Tesla’s $1.5 billion BTC investment, analysts said that public companies may be triggered to also acquire the king coin.

Wedbush Securities managing director Dan Ives told CNBC that Tesla Inc (NASDAQ: TSLA) would double down on its Bitcoin investment. According to Ives, Tesla is not “doing it from an investment perspective, but from a transaction perspective.”

At press time, Bitcoin is up 0.75% to $50,515.64.

Bitcoin News, Cryptocurrency news, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

Related Articles
EarnBet