Michael Saylor, a strong advocate for Bitcoin, has made an ambitious forecast regarding the future price of Bitcoin. His remarks at a recent event in Prague have attracted considerable interest within the crypto community, mainly because of the significant price projection.
During the event, Saylor suggested that Bitcoin’s value could potentially soar to $8 million per coin, with many investors potentially missing out on the opportunity as a result. This statement comes on the heels of MicroStrategy’s announcement of its intention to boost its Bitcoin holdings.
Insights from Saylor’s Prague Event
At the Prague event centered on Bitcoin, Saylor recounted his journey with the cryptocurrency from its early days. Interestingly, Saylor revealed his initial skepticism about investing in Bitcoin, recalling a missed chance to purchase when it was priced at $892 in 2013. He eventually entered the market when Bitcoin hit $9,500. Since then, he has staunchly supported Bitcoin, referring to it as digital gold and emphasizing its unique characteristic of being free from centralized control.
Saylor highlighted the prevailing skepticism among investors despite Bitcoin’s remarkable growth over the years. He pointed out that even if Bitcoin were to reach $950,000, some might still hesitate, calling it overvalued and expecting a drop to $700,000, potentially missing out on a subsequent surge to $8,000,000.
Saylor remarked, “Everyone acquires Bitcoin at the price they deserve.”
Feasibility of Bitcoin Reaching $8 Million
While the notion of Bitcoin hitting $8 million per coin may seem improbable, Saylor and other analysts see the potential for exponential growth. Given Bitcoin’s current price of $66,000, a price of $8 million would necessitate a 12,000% increase, resulting in a market cap over 150 times greater than the current value, reaching approximately $168 trillion.
This substantial growth would require enhanced mainstream adoption and heightened interest from institutional investors, a trend that is gaining momentum with the emergence of Spot Bitcoin ETFs. If this trajectory continues towards widespread adoption, the $8 million milestone for Bitcoin might be conceivable in the foreseeable future.
MicroStrategy, Saylor’s company, is at the forefront of facilitating mainstream adoption of Bitcoin. Presently, holding about 1% of Bitcoin’s circulating supply, MicroStrategy’s investment has proven lucrative. The company recently announced plans to sell $700 million in convertible notes, with the proceeds intended for further Bitcoin acquisitions.
Image source: Shutterstock, Chart source: TradingView
