- November 12, 2023
- Posted by: [email protected]
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In anticipation of the upcoming Bitcoin halving event, Michael Saylor, co-founder of MicroStrategy and a prominent advocate for Bitcoin, delivered a bullish projection at the 2023 Australia Crypto Convention on November 10. Saylor envisions a remarkable surge in demand for BTC, suggesting that it could potentially grow tenfold within the next year, reaching unprecedented levels by the end of 2024.
Reflecting on the period between 2020 and 2024, Saylor noted Bitcoin’s transformative journey from being perceived as an “offshore unregulated asset” to evolving into an “institutionalized mainstream app.” Looking ahead, he predicts that Bitcoin will transition into an “adolescent mainstream asset” by the close of 2024. Central to this transformation are critical dynamics related to supply and demand, with Saylor emphasizing the imminent reduction in available supply due to the halving event scheduled for April.
Saylor anticipates a significant surge in demand, ranging from a doubling to a potential tenfold increase on a monthly basis. Simultaneously, the available supply for sale will be halved, creating a supply-and-demand balance shift that he deems unprecedented. According to Saylor, this shift will lead to an adjustment in the upward direction for the price of Bitcoin.
Describing the next 12 months as Bitcoin’s “coming out party,” Saylor envisions the cryptocurrency transitioning from its metaphorical “college” phase to the real world. Looking further into the future, spanning from 2024 to 2028, Saylor foresees a sustained high-growth stage for Bitcoin. He predicts widespread adoption across major tech companies and megabanks globally, with fierce competition expected among industry giants like Apple and Meta (Facebook) to acquire BTC for substantial profits.
Furthermore, Saylor envisions intense competition among Wall Street firms and crypto exchanges vying for asset shares. The participation of mega banks and Bitcoin custodians, including JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, and Deutsche Bank, in various financial activities such as making loans, offering mortgages, and trading Bitcoin will further validate its role as a mainstream financial asset.
Taking a forward-looking perspective, around 25 years into the future, Saylor envisions Bitcoin outperforming any other high-quality asset, compounding twice as fast as the S&P 500 Index. This optimistic projection leads him to predict astronomical valuations for Bitcoin, ranging from a million dollars per coin to an astonishing $10 million per coin. As of November 2, MicroStrategy holds approximately 158,400 BTC, and the firm’s investment has shown a substantial increase of around $900 million.
