Michael Saylor Sees Bitcoin Trading at $69,000 in the Next Four Years
MicroStrategy's Michael Saylor thinks bitcoin could reach $500K in the next decade if it matches the market capitalization of gold.
Michael Saylor – Co-Founder and Chairman of the business intelligence software MicroStrategy – predicted that bitcoin’s price will reach its all-time high levels from November 2021 (approximately $69,000) “sometime in the next four years.”
Over the years, the 57-year-old entrepreneur has presented himself as an outspoken supporter of the leading cryptocurrency, while his company is the largest BTC corporate holder. Earlier this week, it accumulated additional 301 coins, rounding up its entire stash to 130,000 BTC.
Huge Jump for BTC in the Following Years
The pro-bitcoin American business executive – Michael Saylor – seems unfazed by the ongoing crypto winter. Despite the market’s collapse this year, he believes bitcoin will reach its all-time high of $69,000 in the following four years.
During his latest interview, he went further forecasting that the primary digital asset could trade at $500,000 in the next decade should it match the market capitalization of gold:
“The next logical step for bitcoin is to replace gold as a non-sovereign store of value asset.”
Despite the significant current difference between the two assets’ market cap (gold’s is around $11 trillion, while bitcoin’s is approximately $365 billion), Saylor has often given his preference to the cryptocurrency.
Last year, he outlined BTC’s merits and claimed that it is 50 times better than the precious metal. This summer, he doubled down on that stance, saying the asset is “obviously better than gold and everything that gold wants to be.” Instead of going to zero (as some might predict given its recent price decline), Saylor envisioned it will shoot up to $1 million in the years to come.
MicroStrategy Keeps Buying BTC
A few days ago, the company interacted with bitcoin once again, spending $6 million to purchase 301 coins at an average price of $19,851 per asset. Thus, the Nasdaq-listed firm’s crypto holdings surged to 130,000 BTC.
However, due to the market’s crash, MicroStrategy currently sits on a significant unrealized loss on its investment. Over the years, it has spent around $4 billion to accumulate its stash, while this amount is now worth approximately $2.5 billion.
The shares of the company have also been on a downtrend in the past several months. Last November (when the crypto market was at its peak and bitcoin was trading at almost $70,000), MSTR stocks were worth over $800, while now they hover below $200 (a 75% decline).
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