Bitcoin Rally: Former MicroStrategy CEO Predicts Long-Term Growth

Bitcoin Rally: Former MicroStrategy CEO Predicts Long-Term Growth


MicroStrategy's former CEO Michael Saylor believes that Bitcoin is bottoming and a rally is on the horizon, driven by favorable regulations, the upcoming BTC halving event, and the platform Ordinals, which he thinks will propel the digital asset towards new highs.

MicroS­trat­e­gy is a busi­ness intel­li­gence com­pa­ny and one of the largest hold­ers of Bit­coin, the world’s most valu­able dig­i­tal cur­ren­cy by mar­ket cap. And Michael Say­lor, the pre­vi­ous CEO of MicroS­trat­e­gy, believes the dig­i­tal cur­ren­cy mar­ket is bot­tom­ing, and a Bit­coin (BTC) ral­ly is on the hori­zon.

Regulation, Halving, And Ordinals Are Drivers

In the inter­view, Say­lor notes that plen­ty of tail­winds that may dri­ve Bit­coin to new 2023 highs. In par­tic­u­lar, he talks about reg­u­la­tions and how Bit­coin is safe, see­ing as the favor­able clas­si­fi­ca­tion from the  Unit­ed States Secu­ri­ties and Exchange Com­mis­sion (SEC) and the Com­mod­i­ty Futures Trad­ing Com­mis­sion (CFTC), two of the top reg­u­la­to­ry author­i­ties in the coun­try. Their offi­cials clas­si­fy Bit­coin (BTC) as a com­mod­i­ty with util­i­ty and not an unreg­is­tered secu­ri­ty.

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Say­lor opines that oth­er assets except Bit­coin (BTC) have a “black cloud hang­ing” over them and may be “reg­u­lat­ed out of exis­tence.” Con­se­quent­ly, he con­tin­ued, finan­cial resources will pos­si­bly like­ly flow from cryp­to alt­coins to BTC.

I think the cryp­tocur­ren­cy cryp­to tokens and secu­ri­ties will be reg­u­lat­ed, per­haps out of exis­tence. Bit­coin (BTC) is the most secure net­work. It’s the most secure invest­ment. Every­thing else has got a black cloud hang­ing over it. You will see a con­sis­tent flow of finan­cial resources from the rest of the cryp­tocur­ren­cy eco­log­i­cal sys­tem into Bit­coin.

In addi­tion to reg­u­la­tion, he thinks the fol­low­ing Bit­coin halv­ing event could pro­pel prices high­er. In 2024, the Bit­coin (BTC) net­work will halve min­er bonus from the present 6.25 Bit­coin to 3.125 BTC.

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This devel­op­ment will be a sup­ply shock on the net­work, mak­ing Bit­coin scarcer and more valu­able. Nev­er­the­less min­er rev­enue can poten­tial­ly fall, past halv­ing events have led to whole lot of price prof­its. This pat­tern could be repli­cat­ed next year.

Despite the fact that Ordi­nals has been blamed for bloat­ing the net­work, Say­lor remains pos­i­tive  ten­den­cy about the ser­vice and that it will pro­pel the dig­i­tal invest­ment toward new highs. Ordi­nals is a plat­form allow­ing users to attach files, such as texts and videos, to Satoshis, effec­tive­ly stor­ing them on-chain. A satoshi is the small­est unit of BTC.

Bitcoin (BTC) Bull Run Incoming

Talk­ing to CNBC, Say­lor, a Bit­coin (BTC) per­mab­ull, thinks the past few firm­ness of the coin may be the start of a bull run that might pro­pel it to new 2023 highs.

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Bit­coin has been con­sol­i­dat­ing, fail­ing to con­vinc­ing­ly close over the $28,000 resis­tance lev­el. For the bet­ter part of May 2023, prices have been edg­ing low­er, mov­ing from around the $31,000 lev­el record­ed in late April 2023. Since April, the coin has decreased by around 10%, slid­ing to as low as $25,800 last week.

Regard­less of the past few con­trac­tion, Bit­coin (BTC) remains dur­ing a pos­i­tive  ten­den­cy for­ma­tion. It’s worth not­ing that, bears have failed to reverse prof­its post­ed from mid-March to ear­ly April 2023.

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