Bitcoin Demand to Double, Says Saylor
In an interview with Fox Business, Microstrategy (Nasdaq: MSTR) Chairman Michael Saylor shared his optimistic outlook for the future of bitcoin. He discussed the factors he believes will drive up the price of the cryptocurrency, emphasizing that the supply and demand for BTC are currently balanced.
Saylor pointed out two major events that he expects to significantly boost the price of bitcoin. These events include the halving in April next year when the bitcoin supply gets cut in half, and the impending approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). He stressed that following these events, he anticipates a significant increase in demand for bitcoin, likely doubling its current level.
The Microstrategy chairman advised investors to closely monitor these developments, predicting that the next 12 months will be “pretty auspicious for the asset class.”
Saylor also expressed his belief that the price of bitcoin could reach $5 million per coin. He identified three key catalysts that he believes will drive this significant price increase. The first is a spot ETF allowing large-scale purchases of bitcoin through an ETF security. The second is banks offering custody services for bitcoin and allowing customers to lend against it. Lastly, he mentioned businesses being able to mark their bitcoin investments up or down on their balance sheets based on fair value.
Microstrategy has been actively accumulating BTC for its treasury since implementing a bitcoin strategy in August 2020. As of October 31, 2023, the company held 158,400 bitcoins acquired for a total cost of $4.69 billion.
Hot Take: Bitcoin’s Future Outlook
Michael Saylor’s optimistic outlook on Bitcoin’s future indicates potential growth and increased demand for cryptocurrencies over the next year. His prediction of a significant price increase and identification of key catalysts suggests that Bitcoin could reach unprecedented heights in value if certain events unfold as anticipated.
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