excited Bitcoin supporter Michael Saylor made another very bullish prediction for the price of Bitcoin. His comments, made at a recent event in Prague, captured the attention of the cryptocurrency community, particularly due to the hefty price tag.
While speaking at the event, Saylor predicted that Bitcoin would be worth $8 million per coin, and that many investors would miss out on the rising price. It is worth noting that these comments come amid MicroStrategy The final revelation he wants To increase its holdings of Bitcoin.
Saylor's bold prediction at the Prague event
Speaking at a Prague Bitcoin event, Saylor recounted his journey with Bitcoin in its early days. Interestingly, Saylor noted that he was also indecisive when considering investing in Bitcoin for the first time. In 2013, Saylor looked at Bitcoin and rejected it, believing it would only find its way into online gambling.
As a result, he lost the opportunity to buy when Bitcoin was trading at $892, and it was only when Bitcoin reached $9,500 that he finally decided to buy. “I got the price I deserved,” Saylor noted. However, Saylor has been an ardent supporter of Bitcoin since he finally bought it, even calling it digital gold. He has also argued in the past that Bitcoin is the only asset that investors can truly own because it is free of any governing authority.
As Saylor explains, despite Bitcoin's growth in the past few years, there are still a lot of investors who are skeptical about buying into it. Saylor noted that even if Bitcoin reaches $950,000, some may still call it overbought and expect a drop to $700,000, only to potentially miss out when the price finally rises to $8,000,000.
“Everyone gets bitcoin at the price they deserve,” Saylor noted.
Is a Bitcoin price of $8 million really possible?
While $8 million per bitcoin may seem far-fetched, Saylor And other analysts We believe in the power of exponential growth. With Bitcoin now trading at $66,000, a price of $8 million would mean a price increase of 12,000% from the current price level. For Bitcoin to reach this level, its market value would need to increase more than 150 times its value today to about $168 trillion.
For this to happen, Bitcoin will need to gain mainstream adoption and interest among institutional investors, which is starting to increase due to spot Bitcoin ETFs. If adoption truly becomes mainstream, $8 million per Bitcoin may not be out of the realm of possibility in the coming decades.
MicroStrategy, Saylor's intelligence company, is One of the few companies Leading the charge in mainstream Bitcoin adoption. At the time of writing, MicroStrategy owns about 1% of the circulating supply of Bitcoin, and its investments It has paid off This dimension.
According to a recent disclosure, MicroStrategy is now looking to sell $700 million worth of its convertible notes. The net proceeds from the sale of the notes will then be used to acquire additional Bitcoin.
Featured image from Shutterstock, chart from TradingView