Michael Saylor – the CEO of institutional bitcoin bull and software giant MicroStrategy – has announced that he thinks bitcoin has what it takes to reach a price of $500,000 per unit within the next ten years and reach a market cap of roughly $10 trillion.
Michael Saylor Still Thinks BTC Will Survive
Saylor was confident in his proposal that bitcoin could potentially outdo gold, which up to this stage has been the primary investing tool for most individuals looking to stabilize or boost their portfolios. In an interview, he claimed:
The next logical stop for bitcoin is to replace gold as a non-sovereign store of value asset. Bitcoin is digital gold. It’s 100-times better than gold, and if bitcoin goes to the value of gold, it goes to $500,000 per bitcoin.
This prediction comes just a few days after Saylor announced that he thought bitcoin could reach the $60K range again. He stated that this would likely happen within the next four years. Now that he’s shooting for the moon and practically increasing that prediction by nearly ten times his previous figure, one has no choice but to take his statements with a grain of salt and wonder if this is some sort of last-ditch attempt to justify all his previous bitcoin decisions.
Saylor has held the position of MicroStrategy’s CEO since 1989, but the company – which was once a prominent software firm – has taken on more of a tone relating to bitcoin speculation. He’s consistently invested in bitcoin, with the digital currency journey beginning just over two years ago in August of 2020, and Saylor hasn’t really looked back.
In the beginning, it seemed as though things were on the right track. Bitcoin was trading high and MicroStrategy consistently made money on all the investments it made. Now, however, it appears the currency is doing rather poorly, and MicroStrategy is billions of dollars in debt. As a result, Saylor has practically been forced to step down from his CEO position. He’ll now only serve as the executive chairman of the company he’s headed for over 30 years.
It’s also becoming clear that he doesn’t seem to be learning his lesson, as Saylor recently purchased another $6 million worth of the digital currency, claiming that his company was intelligent enough to be buying the present dip.
Will Things Get Worse Before They Get Better?
Anto Paroian – chief executive of the crypto hedge fund ARK 36 – explained recently that he thinks things are going to get much worse with bitcoin before they get better. He stated:
There’s more pain for investors in the short term as markets will need to work their way through this new outlook. In the long term, there seem to be little reasons for optimism either, as the Fed expects to continue hiking throughout 2023 and only start cutting rates in 2024.