According to Michael Saylor, Bitcoin is among the most passionately supported cryptocurrencies on the planet, which is not a surprise given the almost cultlike community behind the world’s leading cryptocurrency.
The 56-year-old entrepreneur co-founded MicroStrategy company in 1989 with a former MIT colleague. It provides business intelligence, software solutions, and cloud computing services. Michael Saylor has come to be seen as a hero among Bitcoin believers since his company began stockpiling the cryptocurrency in August 2020.
“We want to find the path of least resistance to fix everything. Every country would be better if they had some bitcoin. If the city buys bitcoin then creates bonds; the bond is backed by bitcoin. It’s good for people that have bonds, it’s good for bitcoin and it’s good for everybody in the middle.”
Those were his words at the Bitcoin conference 2022 in Miami.
And he doesn’t seem to give up. Even though everybody is talking about a bear market and even though we’re still less than halfway to Bitcoin’s historic all time high value, the CEO of MicroStrategy still firmly believes in a price level that many would believe to be impossible.
In fact, Michael Saylor is convinced that Bitcoin can reach $1,000,000 per single coin, which means a price in dollars that is 30 times an increase in appreciation compared to current prices.
Is that a crazy price? Maybe it is, but not for those who believe Saylor’s narrative that you should invest in Bitcoin along with assets from the conventional financial world.
Many will say that it is obvious he thinks this way, considering that he has a huge fortune in Bitcoin with his company, MicroStrategy. But there’s a little bit more to Michael Saylor’s thinking, not considering his already large stake in Bitcoin, which is interesting to look at.
Of course, this is a very strong position to have, particularly since we’re in a phase of the market where there are a significant number of people who have entered at a price that was twice as high as it is now. According to Saylor though, Bitcoin will predominate over the long term. And this is a position that is shared by a large number of people.
This is actually a bit controversial—particularly among the Bitcoin maximalists, who believe that the danger has not yet passed. This seems to be likely, but it is also a fundamental part of Saylor’s consideration of future pricing.
The number of $1,000,000 may appear crazy today, but there are two considerations to be taken into account regarding such a threshold: in fact, the value of the dollar, in absolute terms, will continue to decline. So in 10 years, $1,000,000 will be much less strong in terms of purchasing power.
At the same time, we should remember that, at least at the moment, Saylor has not given any prediction: will he get there? However, it does seem likely that these price predictions might become less absurd than they sound in the near future.
We do not have as much insight as MicroStrategy and Michael Saylor, but $1,000,000 probably isn’t impossible considering the staggering and continual growth of Bitcoin, though it will be most likely far off in time.