With the Bitcoin halving event just a few months away, there is much speculation and anticipation regarding the future of the cryptocurrency. Michael Saylor, co-founder of MicroStrategy and a well-known Bitcoin advocate, has predicted a surge in demand for Bitcoin, estimating that it could grow by as much as 10 times by the end of 2024.
Speaking at the 2023 Australia Crypto Convention on November 10, Saylor was asked to share his insights on the future of Bitcoin and its ecosystem over the next four to five years. He began by outlining the timeline from 2020 to 2024, highlighting the evolution of Bitcoin’s perception from an “offshore unregulated asset” to becoming a mainstream institutionalized application.
Focusing on the near term, Saylor emphasized that by the end of 2024, Bitcoin would become an “adolescent mainstream asset.” He drew attention to the dynamics surrounding supply and demand that are expected to impact Bitcoin, especially with the upcoming halving event in April.
Saylor explained that the impending halving event, which will reduce the available supply of Bitcoin for sale by half, will have a significant impact on the price. He anticipates that the demand for Bitcoin could potentially double, triple, or even increase by a factor of 10, while the available supply for sale will be reduced drastically. This, he argues, will inevitably lead to an increase in Bitcoin’s price.
Looking ahead to the period from 2024 to 2028, Saylor forecasted continued high growth for Bitcoin as adoption spreads across the big tech industry and mega banks worldwide. He even suggested that companies like Apple and Meta (formerly Facebook) will engage in fierce competition to acquire Bitcoin, primarily for future profits.
Saylor also predicted that mega banks and financial institutions like JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, and Deutsche Bank would integrate Bitcoin into their services, further driving its adoption and price. He sees a bright future for Bitcoin, estimating that it would outperform traditional high-quality assets by a significant margin, potentially reaching a value of $5 to $10 million per coin in the long run.
It is noteworthy that MicroStrategy currently holds around 158,400 BTC and has seen a substantial increase in its investment, amounting to around $900 million as of November 2. This underscores the growing institutional interest in Bitcoin and the potential for significant returns on investment.
Saylor’s insightful predictions and optimistic outlook for Bitcoin’s future paint a compelling picture of the cryptocurrency’s potential trajectory. As an influential figure in the crypto community and given his company’s substantial investment in Bitcoin, his perspective on the future of the digital asset carries considerable weight. Ultimately, only time will tell whether Saylor’s vision for Bitcoin will come to fruition, but for now, it offers an intriguing glimpse into the possibilities that lie ahead.