Michael Saylor, the co-founder and chairman of MicroStrategy, sets an ambitious target for Bitcoin (BTC), the world’s largest cryptocurrency by market cap.
The MicroStrategy co-founder projected that Bitcoin could reach $13 million over the next 21 years. This suggests that the billionaire entrepreneur expects Bitcoin to trade at $13 million by 2045.
Bitcoin to Represent 7% of World’s Capital
Notably, Saylor issued the prediction during an interview today with CNBC Squawk Box. According to Saylor, Bitcoin will eventually represent 7% of the global capital, potentially driven by its potential of zero counterparty risk.
To hit a target of $13 million, Bitcoin must surge 23,417% from its current price of $55,279. Should Bitcoin hit this target, the premier asset would have a market cap of $257.26 trillion, up 23,417% from the current $1.09 trillion valuation.
Ambitious Bitcoin Prediction
Saylor’s prediction of $13 million represents one of the most ambitious targets set for Bitcoin since its inception. As reported earlier, popular asset manager VanEck projected that Bitcoin could hit $2.9 million by 2050.
The firm based its prediction on Bitcoin’s long-term prospects, especially its role in global and domestic trade. Furthermore, VanEck projected that Bitcoin could attract the interest of different central banks as they could hold 2.5% of their assets in the premier assets.
Interestingly, Saylor expects Bitcoin to surpass VanEck’s prediction and hit $13 million within a shorter timeframe.
Saylor Remains Bullish on BTC, Says MicroStrategy Beats all Companies Using Bitcoin Strategy
Saylor has been bullish on Bitcoin since the firm first acquired the asset in August 2020. Ever since, the company has not looked back on its acquisition spree, purchasing over $8.3 billion worth of Bitcoin.
Notably, Saylor emphasized that the company’s involvement in Bitcoin has been great, noting that the asset’s price has skyrocketed by an average of 44% yearly, significantly outperforming S&P’s 12% growth rate.
According to Saylor, MicroStrategy boasts a return of 825% on its Bitcoin investment. Notably, he mentioned that the best-performing stock in the world, NVIDIA, has witnessed an increase of 821% in the same timeframe.
“So we beat every single company in the S&P index using Bitcoin’s strategy,” Saylor remarked.
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Source: https://thecryptobasic.com/2024/09/09/microstrategy-chairman-michael-saylor-sees-bitcoin-hitting-13000000/?utm_source=rss&utm_medium=rss&utm_campaign=microstrategy-chairman-michael-saylor-sees-bitcoin-hitting-13000000