Michael Saylor Predicts Huge Demand for Bitcoin in 12 Months
- Michael Saylor believes Bitcoin could see a huge price surge caused by the halving.
- Saylor predicts that BTC could trade better than traditional assets in the coming years.
- MicroStrategy has made heavy investments in Bitcoin under Saylor’s directives.
Co-founder of MicroStrategy and a strong Bitcoin supporter, Michael Saylor, shared fascinating predictions for Bitcoin while speaking at the 2023 Australia Crypto Convention on Friday, November 10, 2023.
Saylor, who has shared some positive views on Bitcoin in recent months, believes the cryptocurrency could see huge demand in the coming 12 months. Saylor highlighted the upcoming Bitcoin halving as a crucial factor that could lead to a substantial increase in demand. According to him, the halving could lead to a 10x increase by 2024.
Sayloy also claimed that Bitcoin shifted from being an “offshore unregulated asset” to an “institutionalized mainstream app” between 2020 and 2024, adding that Bitcoin could emerge as a “mainstream adolescent asset by the end of 2024.”
Saylor said in his speech:
I think that the next 12 months are going to be big. Because 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.”
He also stated that the April halving event would cause a strong decline in Bitcoin’s supply, decreasing from a billion dollars to half a billion. According to Saylor, such a drastic shift in supply-and-demand balance would inevitably push the price higher.
Bitcoin could enter the real world in 2024
Referring to 2024 as Bitcoin’s “coming out party,” Saylor compared the cryptocurrency to a recent college graduate going into the workforce. He projected that Bitcoin will experience rapid growth in the years 2024–2028, adding that prominent banks and IT firms will integrate the cryptocurrency into their services and products. The American entrepreneur believes companies like Meta and Apple will fiercely compete to buy Bitcoin for profit in 2024.
Saylor also predicted that Bitcoin will rule the crypto market for the next 25 years. The MicroStrategy co-founder painted clearer pictures of Bitcoin’s future, claiming the foremost cryptocurrency could climb above conventional high-quality assets and reach prices of one, two, five, or even ten million dollars per coin.
“When it hits that terminal growth rate, maybe 20 years out, maybe 25 years, or it’ll be growing twice as fast or compounding twice as fast as the S&P 500 Index, or any other diversified, high-quality portfolio of assets you could buy,” Saylor said.
As of November 2, MicroStrategy has made a significant $900 million profit on its investment under Saylor’s direction, holding about 158,400 BTC. Saylor’s optimistic prediction, which is based on supply and demand dynamics and the impending halving of Bitcoin, has generated conversations in the cryptocurrency community over the possibility of a big spike in interest in Bitcoin in the near future.
Some within the crypto sector believe the next halving event could trigger the coming bull cycle. If that happens, Bitcoin and other cryptocurrencies could skyrocket in price, as they did in 2021.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
