• Wed. Jul 17th, 2024

Bitcoin’s Meteoric Rise: Saylor Foresees 10x Growth Amidst Halving

Maria Bartiromo

ByMaria Bartiromo

Nov 11, 2023

In anticipation of the upcoming Bitcoin halving, Michael Saylor, the co-founder of MicroStrategy and a prominent Bitcoin advocate, foresees a substantial surge in demand for BTC, projecting a potential growth of up to 10 times within the next 12 months. Speaking at the 2023 Australia Crypto Convention on November 10, Saylor shared his insights on the future of Bitcoin and its ecosystem over the next four to five years. 

Reflecting on the period between 2020 and 2024, Saylor highlighted the transformative journey of Bitcoin, evolving from an “offshore unregulated asset” to an “institutionalized mainstream app.” Focusing on the near future, he predicted that by the end of 2024, Bitcoin would transition into an “adolescent mainstream asset.” Saylor underscored the crucial dynamics of supply and demand that are poised to come into play, particularly with the impending halving: 

“In the next 12 months, demand [on a monthly basis] should double or triple or maybe go up by a factor of 10, anywhere from two to 10. […] and the supply available for sale will be cut in half in April.” 

 Bitcoin Halving Sparks Surge: Supply-Demand Shift Fuels Price Soar 

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He elaborated on the unprecedented shift in the supply and demand balance, emphasizing the potential impact of halving on the market. As the available supply for miners decreases from a billion dollars to half a billion, and with an estimated organic demand of $15 billion against an organic supply of $12 billion, Saylor anticipated a significant upward adjustment in Bitcoin prices. 

Characterizing the next 12 months as Bitcoin’s “coming out party,” Saylor likened the asset’s graduation from “college” to stepping into the real world. Looking ahead to the period from 2024 to 2028, he envisioned Bitcoin’s sustained high-growth phase. This growth, according to Saylor, would be fueled by widespread adoption in the big tech industry and major banks worldwide, with these sectors seamlessly integrating Bitcoin into their products and services. 

Saylor also anticipated intense competition among major companies such as Apple and Meta (formerly Facebook) to acquire Bitcoin for future profitable endeavors. He predicted fierce rivalry among Wall Street entities and crypto exchanges, emphasizing the critical role of big banks and Bitcoin custodians like Morgan Stanley, JP Morgan, Bank of America, Goldman Sachs, and Deutsche Bank in the asset’s journey. 

 Saylor Envisions Bitcoin Soaring to $10 Million 

Venturing further into the future, Saylor projected ambitious scenarios for Bitcoin, envisioning it surpassing other high-quality assets. He emphasized that, at around 25 years, Bitcoin could reach a terminal growth rate that outpaces the S&P 500 Index and other diversified portfolios, compounding at an extraordinary rate. This led Saylor to make bold predictions of Bitcoin’s value, contemplating scenarios where the coin progresses to a million dollars, $2 million, $5 million, and eventually $10 million per coin. 

MicroStrategy presently holds a portfolio of approximately 158,400 Bitcoins. As of November 2, the company has realized a noteworthy appreciation of approximately $900 million from its strategic Bitcoin investments. Michael Saylor, the CEO of MicroStrategy, maintains a positive outlook on Bitcoin, reflecting the firm’s steadfast dedication to the cryptocurrency. Saylor highlights Bitcoin’s transformational potential to reshape the financial environment in the near future. This upbeat outlook is consistent with MicroStrategy’s overarching commitment to researching and capitalizing on new opportunities in the digital asset area. 

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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