Bitcoin is expected to grow following its halving set for the next year, around April. But recently, an unprecedented growth prediction came from a top voice in the BTC elites club. It projects that the demand for the greatest cryptocurrency is set to witness a massive surge of 10 times in the upcoming 12 months.
Michael Saylor, the co-founder and former CEO of MicroStrategy, recently made the aforementioned bold prediction about BTC. MicroStrategy is an American business intelligence software and cloud services provider firm.
The MicroStrategy co-founder’s bold prediction is creating headlines because few voices hold as much relevant weight in the crypto space as Michael J. Saylor. Notably, the company also has investments in various crypto startups and has a deliberate crypto coins and tokens portfolio.
Michael J. Saylor, a BTC bull himself, is a firm believer in the power of cryptocurrencies and decentralized finance (DeFi). According to him, in the next few months, the run would be gradual, but following the halving around April 2024, there will be an exponential surge.
He projects that all of these developments are going to culminate in demand growth of a whopping 10 times. This could reflect a massive surge in the current BTC price, as the supply will become half due to the impending halving. These claims and announcements came at the Australian Crypto Convention, 2023, which took place on November 10, 2023, in Melbourne.
Australian Crypto Convention, 2023 saw many big names from the industry such as speakers, including the founder of TRON– Justin Sun, co-founder of the 1inch Network– Sergej Kunz, CEO of Trust Wallet– Eowyn Chen, Co-founder of VeChain– Sunny Lu, the creative director of Litecoin– Robbie Coleman, and Chainlink’s Head of Business Development for the APAC-MENA region– Niki Ariyasinghe.
Michael Saylor’s BTC Predictions
During his speech, Michael Saylor explained the demand and supply dynamic of the upcoming Bitcoin surge— “I think that this next 12 months is going to be big. Because demand should double or triple or may 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.
So, instead of a billion dollars of Bitcoin available for miners each month, it will be half a billion. It’s pretty unprecedented that you would go from a supply-and-demand balance of maybe $15 Billion of organic demand and $12 Billion of organic supply. What happens when one doubles and the other one cuts in half? The price is going to adjust up.”
Saylor highlighted that many of the recent developments have caused a shift in mainstream acceptance of cryptocurrency. This includes developments like the crypto tussle in the US with the SEC, the EU’s MiCA (Markets in Crypto Assets) Regulations, mining advancements around Central Asia, positive developments in the South American and Asian markets, etc.
In his words, such developments have all caused Bitcoin’s image to go from an “offshore unregulated asset” to an “institutionalized mainstream app”.
Referring to a trendy queer phrase, he says, “The next 12 months for Bitcoin will be a ‘coming out party’ as the asset ‘graduates from college’, and heads out into the ‘real world’.”
Michael Saylor’s Farther-Future BTC Price Projections
In his speech, Saylor further predicts that the voluminous growth will continue till 2028, as the Big Tech like Apple and Meta, companies playing in the field of crypto such as exchanges, games, and protocols, and Wall Street giants like Mega Banks worldwide including Citibank, JPMC, Goldman Sachs, etc., will engage in fierce competition to get their hands on the exponentially rewarding asset.
He says, “You’re going to have ferocious competition and will among Wall Streeters to get the most asset share, and you’re going to have crypto exchanges competing, and you’re going to have other tech companies getting involved. That’ll be one check.”
“The other check will be when the big mega banks or Bitcoin custodians with JPMorgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank.. when they’re making loans and giving mortgages and customizing it and buying and selling it. I think that’ll be the second check,” he added.
He also made projections 25 years down the line. Emphasizing BTC outperforming any other investment asset, and an unbelievable peak, he says, “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… that coin is going to continue to progress to a million dollars a coin, $2 Million a coin, $5 Million a coin, $10 Million a coin,”.
Notably, MicroStrategy itself holds huge bags of BTC coins in its investment portfolio. Currently, it has 158,400 BTC, crossing a worth above a whopping 900 Million USD. It is a significant player in the Bitcoin market.
BlackRock entering the domain for a BTC Spot ETF has already caused a price spike. Big names in the industry are gearing up to hold stacks of BTC and upping the worth of the entire portfolio. This has led to the Wall Street bulls devising BTC-centric policies for the futuristic mass capital inflow in their overall portfolio.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/13/bitcoin-demand-to-surge-10-folds-in-next-12-months-michael-saylor/