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Being ultra bullish on Bitcoin (BTC) Michael Saylor sees a $100 trillion market cap for the crypto asset class. He thinks that BTC will easily outclass the performance of the Big Tech companies in the future.
Bitcoin (BTC), the world’s largest cryptocurrency has already surged more than 85% year-to-date and is currently trading at $56,000 levels holding up $1 trillion in valuations. MicroStrategy CEO Michael Saylor thinks we are just getting started with the Bitcoin bull run. He further adds that BTC is a ‘screaming buy’ even at these levels.
During an interview with FamilyOffice, Saylor made a bold prediction of a $5 million BTC price target. That’s a massive 100x growth from the current levels. Meaning Bitcoin (BTC) shall be a $100 trillion asset in the future as per Saylor’s predictions. Saylor said:
“I can see bitcoin going to a million. I can see it going to $5 million… because if it simply replaces all the indexes as a monetary index money, why shouldn’t it go to $100 trillion in market cap or something?”
Public-listed firm MicroStrategy has been aggressively making Bitcoin purchases over the last few months. So far, the company has invested over $2 billion in Bitcoin and has more than 91,300 BTC in its kitty. In fact, Michael Saylor has also claimed that he was very instrumental in pushing Tesla to put part of its reserve cash in Bitcoin. Saylor further stressed that the expansion of the global money supply will continue to fuel the BTC price rally ahead.
MicroStrategy CEO: Bitcoin Fixes the Fiat Money Problem
Michale Saylor clearly believes that Bitcoin fixes the fiat money problem of currency devaluation with more money printing. Since Bitcoin (BTC) is totally fixed, its value moves as per the demand. Saylor noted that fiat money isn’t sound whereas BTC is “engineered thermodynamically sound money”.
Saylor also noted that Bitcoin returns over the last 12 years have been a 200% surge on a compounding basis. That’s the major indicator for a screaming buy according to him. He said:
“In my life I’ve never seen something that was such a screaming signal. You’ve got a $200 to $300 trillion addressable market and you’ve got a problem – money is not sound. You’ve got a dominant network. Everybody’s decided it’s the network. It’s exploding. The signal that is exploding is it’s growing 200% a year every year for 12 years running. That’s the signal.”
He also thinks that none of the Big Tech companies will ever be able to replicate BTC’s growth even in the future. “Now do I think Apple, Amazon, Facebook or Google are going to go up by a factor of 10 from this point? Not really. I think they’re plus 20, minus 20, plus 100… maybe they will double, maybe they will triple,” he added.
Other news about Bitcoin can be found here.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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