Michael Saylor suggests that BTC could reach $500k in the next decade if it matches the market capitalization of gold.
MicroStrategy co-founder and president Michael Saylor predicted that the bitcoin price will reach its all-time high in November 2021, approximately $69,000, “sometime within the next four years.”
Over time, the 57-year-old has come out as an outspoken supporter of the leading cryptocurrency, with his company being the largest corporate holder of BTC.
Earlier this week, the company accumulated an additional 301 coinsrounding the total to 130,000 BTC.
Big jump for BTC in the next few years
The executive appears unfazed by the ongoing crypto winter as despite the market downturn this year, he still believes that Bitcoin will hit its all-time high again.
during his last interviewwent further and predicted that the leading digital asset could trade for $500,000 in the next decade if it matches the market capitalization of gold.
According to him, “the next logical step for bitcoin is to replace gold as a valuable asset.”
Despite the current significant difference between the market capitalization of the two assets (gold hovers around $11 trillion, while bitcoin hovers around $365 billion), Saylor tends to prefer cryptocurrencies.
Last year, he outlined the merits of BTC and claimed that it is 50 times better than the precious metal. In recent months, he has reaffirmed that position, saying the asset is “obviously better than gold and everything gold wants to be.”
Instead of Bitcoin going to zero, as some might predict given the recent price drop, Saylor predicted that the coin would skyrocket to as high as $1 million in the next few years.
MicroStrategy keeps buying BTC
A few days ago, the company re-interacted with bitcoin, spending $6 million to buy 301 coins at an average price of $19,851 per asset.
However, due to the market collapse, MicroStrategy is currently experiencing a massive unrealized loss on its investment. Over the years the company has spent about $4 billion to build up the asset, this amount is now worth about $2.5 billion.
The company’s shares have also trended lower in recent months. Last November, when the cryptocurrency market was at its height and bitcoin was trading at almost $70,000, shares of MSTR they were worth more than $800, while they are now under $200, a 75% decrease.
Rate this news!
0 / 5 Number of votes: 1