Fervent bitcoin Advocate Michael Saylor has made another very bullish prediction for the price of bitcoin. His comments, which were made at a recent event in Prague, caught the attention of the crypto community, particularly due to the high price.
While speaking at the event, Saylor predicted that bitcoin could reach up to $8 million per coin, with many investors missing out on the price surge. Notably, these comments come amid MicroStrategy recent revelation that he wants to increase your bitcoin holdings.
Saylor's bold prediction at the Prague event
While speaking at the Prague bitcoin event, Saylor recounted his journey with bitcoin in its early days. Interestingly, Saylor noted that he was also hesitant when considering investing in bitcoin for the first time. In 2013, Saylor looked at bitcoin and dismissed it, thinking it would only find its way into online gambling.
As a result, he missed the opportunity to buy when bitcoin was trading at $892, and finally decided to buy when bitcoin reached $9,500. “I got the price I deserved,” Saylor said. However, Saylor has been an ardent supporter of bitcoin since he finally bought it, and even called it digital gold. He has also argued in the past that bitcoin is the only asset that investors can truly own as it is free from any governing authority.
As Saylor explains, despite bitcoin's growth in recent years, there are still many investors who are skeptical about buying. Saylor noted that even if bitcoin hits $950,000, some might still consider it overbought and expect a drop to $700,000, only potentially missing out when the price finally rises to $8,000,000.
“Everyone is getting bitcoin at the price they deserve,” Saylor noted.
Is it really feasible for bitcoin to reach $8 million?
While $8 million per bitcoin may seem far-fetched, Saylor bitcoin/bernstein-bitcoin-target-200000/” target=”_blank” rel=”noopener nofollow”>and other analysts We believe in the power of exponential growth. Since bitcoin is now trading at $66,000, a price of $8 million would mean a 12,000% price increase from the current price level. For bitcoin to reach that level, its market capitalization would have to increase more than 150 times from its current value to around $168 trillion.
For this to happen, bitcoin would need to gain widespread adoption and interest from institutional investors, which is starting to increase due to bitcoin Spot ETFs. If adoption truly becomes widespread, $8 million per bitcoin may not be out of the realm of possibility in the coming decades.
MicroStrategy, Saylor's intelligence company, is bitcoin/” target=”_blank” rel=”noopener nofollow”>one of the few companies leading the charge in widespread bitcoin adoption. At the time of writing, MicroStrategy owns approximately 1% of the circulating supply of bitcoin and its investment has borne fruit until now.
According to a recent disclosure, MicroStrategy is now looking to sell its convertible notes worth $700 million. The net proceeds from the sale of the tickets will be used to purchase additional bitcoin.
Featured image from Shutterstock, chart from TradingView
