Michael Saylor, the CEO of MicroStrategy, recently shared his bold predictions for Bitcoin, suggesting that the cryptocurrency could reach an incredible $350,000 by 2024.
Let’s see below all the details.
Summary
Analysis and implications of Saylor’s predictions on the value of Bitcoin
As anticipated, the visionary CEO of MicroStrategy, Michael Saylor, has predicted that the price of Bitcoin could rise to $350,000 by 2024.
This bold prophecy has captured the attention of the crypto community, sparking debates on the implications of such an evaluation.
Saylor, a well-known supporter of Bitcoin, bases his prediction on factors such as increasing institutional adoption and the limited supply of this cryptocurrency.
While some investors see this estimate as an exciting opportunity, others raise doubts about its feasibility. The cryptographic industry remains in anticipation, observing how this bold perspective develops in the global financial landscape.
We remind you that the company of which Saylor is CEO is one of the main holders of Bitcoin globally, thanks to an accumulation strategy started in August 2020.
As of November 30th, MicroStrategy held 174,530 Bitcoin, acquired at an average cost of $30,252. With the current price of Bitcoin, the company now records a profit of over 2 billion dollars.
In addition, Saylor recently stated on CNBC that Bitcoin has the potential to increase its value tenfold. In a social media post at the beginning of December, he suggested that “one day we will all boast about buying Bitcoin at five figures.”
This sentiment is shared by other leaders in the cryptocurrency space. For example, the crypto financial services company Matrixport has hypothesized that Bitcoin could reach $125,000 by the end of 2024.
While Adam Back, CEO of Blockstream, has indicated the possibility that Bitcoin could reach $100,000 before the next halving, expected in April 2024.
Michael Saylor investigates the selling horizon of Bitcoin
Michael Saylor recently launched a survey on social media, asking people’s opinion on the ideal timing to sell a portion of their bitcoin.
Usually very active on social media and frequently interviewed about his perspectives on bitcoin, this time the billionaire wants to know others’ opinions on the right time to sell a fraction of their holdings.
The survey proposed by Saylor asks people at what value the bitcoin should reach before they consider selling a portion of their Bitcoin.
Among the four options provided, the most popular answer has been “1,000,000 dollars or never”, with 35.3% of the votes so far and eight hours still available for the survey.
The post has attracted the attention of 705,000 people, of whom over 116,000 have participated in the survey. The second most chosen option was “Sell for $100,000”, obtaining 30.7% of the votes, followed by “250,000 dollars” with 18.8% and “500,000 dollars” with 14.1% of the votes.
From preliminary results, it seems that many people intend to hold onto their bitcoin until significantly higher values are reached.
It is important to note that the response options were limited and that in bearish market phases, some may be pushed to sell earlier than expected.
Jeremy Allaire also celebrates Bitcoin’s role as a refuge and distinction from stablecoins
In a recent interview with CNBC, Jeremy Allaire, CEO of Circle, one of the leading financial technology companies, highlighted the growing attraction of Bitcoin as a hedge against global economic instability.
With a significant price increase of over 150% this year, Bitcoin has established itself as one of the global assets with the most consistent performance.
Allaire’s perspective fits into a context where the cryptocurrency market is gaining increasing acceptance, highlighting the potential of the asset as a safe haven for investors.
Allaire emphasized that the appeal of Bitcoin derives from its perception as a safe haven against economic uncertainty.
This point of view is in line with the opinions of important financial figures such as Ray Dalio, a well-known hedge fund manager, and Larry Fink, CEO of Blackrock, both in favor of Bitcoin as a vital component of a diversified investment portfolio, considering the complex geopolitical and economic landscape of today.
In distinguishing Bitcoin from stablecoins, such as USDC, which Circle has contributed to the development of, Jeremy Allaire highlighted their different applications.
It predicts an increase in the adoption of stablecoins due to their intrinsic utility and the growing demand for online transactions in digital dollars. However, this does not diminish the demand for Bitcoin, which has a well-defined purpose.
According to Allaire, Bitcoin is particularly suitable for those who are looking for a currency or a store of value in scenarios where the global economy is under strong stress.
This divergence in the cryptographic space highlights the different needs and strategies of investors.
While stablecoins offer stability and are anchored to traditional currencies like the US dollar, Bitcoin offers a decentralized alternative, freed from the influence of individual governments or institutions.
