Co-founder and CEO of MicroStrategy, Michael Saylor, is still extremely bullish on Bitcoin, so much so that he thinks it could reach $1 million.
Michael Saylor’s vision of Bitcoin at $1 million
During a recent interview with Yahoo Finance Live, Saylor stated:
“I expect bitcoin is going to go into the millions”.
The current price of 1 BTC is around $30,000 and the highest price ever, in November last year, was just under $70,000.
Last year, many believed it would go as high as $100,000, but in the end it failed to do so. Some of the same forecasts that gave Bitcoin at $100,000 in 2021 put it at $1,000,000 in 2025.
However, Saylor also revealed that his company does not have a price target, i.e. they do not follow a buy and sell strategy with the aim of generating capital gains.
Instead, he stated that MicroStrategy has a long-term strategy, and that they will continue to buy Bitcoin in the future simply as a form of currency, as they literally see it as “the future of money”.
According to Saylor, Bitcoin has recently been sold off in the financial markets like other risky assets, such as stocks, due to the Fed’s monetary policy of significantly raising interest rates.
In particular, investors have reportedly been selling off riskier assets, and those whose valuations had risen sharply in recent times. Bitcoin fits this definition perfectly.
How did Michael Saylor react to the failure of the Terra blockchain
Regarding Terra’s implosion, he argues that this collapse will eventually be a good thing for the crypto sector, because over time people will become more and more knowledgeable about the field and feel more and more comfortable with it.
He also believes that the authorities will speed up the process of regulating stablecoins and security tokens, but in the end the winner will always be Bitcoin alone.
The CEO of MicroStrategy sees Bitcoin as superior to all other crypto projects, so much so that he speculates that even institutions themselves will enter this market with large sums of money.
It is worth mentioning that Michael Saylor is by no means the only one who thinks in this way, so much so that many of his ideas are for example also shared by Jack Dorsey.
One of the most interesting points of his view is probably the one concerning the competition between altcoins and Bitcoin. According to Saylor, this competition distracts capital and attention from Bitcoin, but turns out to be ephemeral in the long run, because it is destined to fail in its attempt to replace BTC.
Indeed, in the long run, the only altcoin that has proved truly resilient so far, besides Bitcoin, is Ethereum, which is actually less and less of a competitor to Bitcoin, and increasingly something of an alternative.
According to Saylor, many altcoins would be for all intents and purposes unregistered securities, and not payment tokens like BTC, and this would prevent public companies and institutional investors from investing in the sector, thus holding it back.
He states that thanks to the Lightning Network, fast and cheap micropayments will become more and more widespread, eventually handling billions and billions of transactions.
This is probably why he speculates that, sooner or later in the near or distant future, the price of 1 BTC might even reach and exceed $1 million, but he did not specify when.