With bitcoin halving just months away, MicroStrategy co-founder and bitcoin bull Michael Saylor believes btc demand could grow up to 10x by the end of 2024.
During a speech at the 2023 Australia crypto Convention on November 10, Saylor was asked to give his outlook for bitcoin and its ecosystem over the next four or five years.
In response, Saylor initially summarized the period between 2020 and 2024, noting that bitcoin went from being viewed as an “unregulated offshore asset” to an “institutionalized mainstream application.”
Focusing on the near term, Saylor said btc will become a “top teen asset by the end of 2024,” and highlighted key dynamics around supply and demand that will soon come into play:
“I think the next 12 months will be important. Because demand (monthly) should double or triple or maybe increase by a factor of 10, between two and 10. (…) and the supply available for sale will be reduced by half in April.”
“So instead of $1 billion worth of bitcoin available to miners each month, it will be $500 million. It is unprecedented to go from a supply/demand balance of perhaps $15 billion of organic demand and $12 billion of organic supply. What happens when one is doubled and the other is cut in half? “The price is going to adjust upwards,” he added.
Saylor went on to describe the next 12 months for bitcoin as its “coming out party” as the asset graduates from “college” and heads into the real world.
From 2024 to 2028, Saylor predicted that bitcoin will continue to be in a high-growth stage as adoption spreads across the big tech industry and megabanks around the world, and both sectors will integrate bitcoin into their products and services.
Saylor also said he expects to see a lot of competition between companies like Apple and Meta (Facebook) to get their hands on btc and eventually sell it for huge profits.
“There will be fierce competition and there will be a will among Wall Streeters to get the biggest share of assets and there will be competing crypto exchanges and other technology companies involved. (…) That will be a check.”
“The other control will be when the big megabanks or bitcoin custodians like JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank and, you know (…) when they are making loans and making mortgages and customizing it and buying it and selling it. I think that will be the second control,” he added.
Looking even further into the future, around 25 years, Saylor outlined some lofty predictions for the future of bitcoin, emphasizing that btc will wipe out any other high-quality asset.
“When it reaches that terminal growth rate, maybe 20 years from now, maybe 25 years, it will either grow twice as fast or compound twice as fast as the S&P 500 index, or any other diversified portfolio of high-quality assets.” that I can buy. ”He said, adding:
“So if you think about it like that, you just say, well (…) now we’re going to double, we’re going to double again, we’re going to double again, and we’re going to double again. Once again, that currency will continue to progress until it reaches at one million dollars per coin, at 2 million dollars per coin, at 5 million dollars per coin, at 10 million dollars per coin.”
MicroStrategy currently holds around 158,400 btc, and the company had made around $900 million on its investment as of November 2.
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