During a speech at the 2023 Australia Crypto Convention on November 10, Michael Saylor, the co-founder of MicroStrategy and a well-known Bitcoin advocate, shared his bullish outlook for Bitcoin (BTC) and its potential for explosive growth in the coming years.
Saylor’s speech began with a retrospective look at the period from 2020 to 2024. He highlighted the remarkable transformation of Bitcoin from being considered an “offshore unregulated asset” to becoming an “institutionalized mainstream app.” This transition has been a significant development for the cryptocurrency.
In the near term, Saylor predicted that Bitcoin would evolve into an “adolescent mainstream asset” by the end of 2024.
He emphasized the critical factors of supply and demand that would influence this transformation.
Saylor anticipates a substantial increase in demand for Bitcoin over the next 12 months, with the potential for demand to double, triple, or even increase by a factor of 10 on a monthly basis.
Simultaneously, he pointed out that the supply available for sale would be halved in April, which is a result of the Bitcoin halving event. This drastic shift in supply and demand dynamics is expected to drive the price of Bitcoin higher.
Saylor likened the next 12 months for Bitcoin to a “coming out party,” where the cryptocurrency will graduate from its “college” phase and enter the real world as a mainstream asset.
Looking ahead to the period from 2024 to 2028, Saylor foresaw continued high-growth potential for Bitcoin.
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He anticipated widespread adoption of Bitcoin in the big tech industry and mega banks worldwide. These sectors are expected to integrate Bitcoin into their products and services, leading to increased competition among companies like Apple and Meta (formerly Facebook) to acquire Bitcoin for potential profit.
Furthermore, Saylor mentioned the potential involvement of traditional financial institutions such as JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, and Deutsche Bank in offering Bitcoin-related services, including loans, mortgages, and custody.
This institutional participation is seen as another catalyst for Bitcoin’s growth.
In a long-term outlook, Saylor projected that Bitcoin would outperform other high-quality assets.
He suggested that Bitcoin could reach astronomical prices, potentially doubling, quadrupling, or growing even more over time, making it a formidable investment compared to traditional assets like the S&P 500 Index.
At the time of his speech, MicroStrategy, the company co-founded by Saylor, held approximately 158,400 BTC, and the firm had experienced substantial gains on its Bitcoin investment, which stood at around $900 million as of November 2, 2023.
Saylor’s bullish predictions reflect his confidence in Bitcoin’s future potential as a transformative and valuable asset.
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