Bitcoin Price Could 10x as Demand Rises and Supply Contracts, Says Michael Saylor
According to Michael Saylor, co-founder of MicroStrategy, Bitcoin is set to increase its price by ten times as demand continues to rise and supply decreases. Saylor’s bold prediction is based on upcoming events in the next year.
The Halving Event and Miner Selling Behavior
Saylor believes that the halving event scheduled for April 2024 will lead to a significant drop in supply and an increase in demand. He explains that miner selling behavior will change after the halving, as their sales will be reduced by half. Currently, miners are making monthly sales of $1 billion.
Optimism about a Bitcoin ETF Approval
Saylor is also optimistic about the approval of a spot Bitcoin exchange-traded fund (ETF), which he believes will further boost demand. There are expectations on Wall Street that a Bitcoin ETF could be approved as early as January.
Michael Saylor – Unprecedented Situation
Saylor describes the current situation as “unprecedented” in the history of Wall Street. He believes that if Wall Street banks become custodians of Bitcoin, attention will shift away from other tokens that have affected Bitcoin’s growth. This shift could potentially lead to a 10x gain for Bitcoin.
MicroStrategy’s Recent Actions
In October, MicroStrategy purchased an additional 155 BTC, bringing their total holdings to 158,400 BTC acquired at a cost of $4.69 billion. However, they reported an impairment loss of $33.6 million on their crypto holdings in their Q3 2023 earnings report.
Hot Take: Bitcoin Price Predicted to Soar as Demand Increases and Supply Shrinks
Michael Saylor, co-founder of MicroStrategy, has made a bold prediction that the price of Bitcoin could increase by ten times its current value. He bases this forecast on the upcoming halving event in April 2024, which will reduce supply, as well as the potential approval of a Bitcoin ETF. Saylor believes that these factors, combined with Wall Street banks becoming Bitcoin custodians, will lead to a surge in demand and a significant price increase. MicroStrategy has also been actively acquiring more Bitcoin, despite reporting an impairment loss on their crypto holdings. Overall, Saylor’s optimistic outlook for Bitcoin suggests that it has the potential for substantial growth in the near future.
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