MicroStrategy founder raises bitcoin price forecast to $13 million
-- MicroStrategy CEO Michael Saylor spoke at the Bitcoin 2024 conference in Nashville.
-- He predicted bitcoin to rise to $13 million by $2045.
-- In an optimistic scenario, the first cryptocurrency could grow to $49 million, according to Saylor.
On July 26, 2024, MicroStrategy founder and CEO Michael Saylor spoke at the Bitcoin 2024 conference in Nashville, Tennessee, USA. He predicted the growth of bitcoin to $13 million in about 20 years, reports Cointelegraph with reference to the speech of Saylor.
Recall, earlier in June, the founder of MicroStrategy said that by 2045 the bitcoin rate could rise to $10 million in the baseline scenario. Now he has raised his forecast to $13 million, the source claims.
“It could be a bearish scenario with a rise to $3 million, or it could be a bullish scenario where bitcoin reaches $49 million,” explained Saylor.
Speaking to a large audience in Nashville, he suggested moving all of his assets into bitcoins and relocating to a low-tax jurisdiction. This strategy is relevant not only for individuals but also for individual companies, the MicroStrategy founder said.
According to Saylor, all physical capital - from stocks and bonds to Ferrari cars and Miami Beach real estate - is subject to the laws of thermodynamics, including entropy.
“Energy tends to dissipate over time. Entropy erodes the value of physical assets. It sucks the capital out of them,” asserts the founder of MicroStrategy.
So-called physical assets, which the entrepreneur categorized as gold and money, have a limited lifespan.
“Bitcoin is an exception. It is immortal, immutable and intangible. Because cryptocurrency is not in the physical world, it has an infinite lifespan. This is the solution to the economic dilemma,” Michael Saylor noted.
The expert added that at the current price of bitcoin, its market capitalization is only $1.3 trillion or 0.1% of the world's wealth. In about 20 years, this figure will reach 7%, he believes.
As a reminder, MicroStrategy is one of the world's largest holders of bitcoins among publicly traded companies. The firm's fortune is estimated at 226,331 BTC, which is about $15.37 billion at the time of writing.
MicroStrategy is known to have purchased bitcoins at an average price of $36,798. One of the most recent purchases was made in June, when the company bought 11,931 BTC for $786 million.
