During a speech at the 2023 Australia Crypto Convention, Michael Saylor, the co-founder of MicroStrategy and a prominent Bitcoin advocate, shared his optimistic outlook on the future of Bitcoin, especially in the context of the upcoming halving. Saylor emphasized that demand for Bitcoin could witness a substantial surge, potentially growing by up to 10 times by the end of 2024.
Saylor commenced his remarks by highlighting the transformative journey of Bitcoin from being perceived as an “offshore unregulated asset” to evolving into an “institutionalized mainstream app” between 2020 and 2024. Focusing on the near future, he projected that Bitcoin would become an “adolescent mainstream asset” by the close of 2024.
The co-founder then delved into the dynamics of supply and demand, pinpointing the next 12 months as a critical period for Bitcoin’s growth. Saylor predicted a significant increase in monthly demand, ranging from a doubling to potentially a tenfold surge, while simultaneously noting that the available supply for sale would be halved in April 2024. This reduction in the supply available for miners, combined with the anticipated increase in demand, could result in a substantial upward adjustment in Bitcoin’s price.
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Describing the next 12 months as Bitcoin’s “coming out party,” Saylor envisioned the cryptocurrency transitioning from its “college” phase to entering the real world. Looking ahead to the period from 2024 to 2028, he anticipated continued high-growth for Bitcoin, with widespread adoption in major tech companies and mega banks worldwide.
Saylor predicted intense competition among companies like Apple and Meta (Facebook) to acquire Bitcoin for future profitable endeavors.
The co-founder also foresaw competition among Wall Street entities and crypto exchanges for a significant market share. Additionally, he highlighted the involvement of major banks like JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, and Deutsche Bank in activities such as making loans, giving mortgages, and trading Bitcoin as crucial checks for Bitcoin’s growth.
Looking further into the distant future, around 25 years ahead, Saylor painted an ambitious picture for Bitcoin’s potential. He asserted that Bitcoin, with its compounding growth outpacing traditional diversified portfolios, could reach remarkable valuations, such as a million dollars per coin, $2 million, $5 million, or even $10 million per coin.
As of November 2, MicroStrategy holds approximately 158,400 BTC, with the firm showing a profit of around $900 million on its Bitcoin investment.
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