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bitcoin is on the verge of a 10-fold increase in price as demand increases and supply contracts, MicroStrategy co-founder Michael Saylor said.
The bitcoin bull based his bold price forecast on events scheduled for next year.
You can never have too much bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin. my discussion of $MSTR, $MSFTMicroStrategy ai, $btc Spot ETPs, Halving, FASB Accounting, The Magnificent 7 Dilemma, and Corporate/Wall Street Adoption of bitcoin with @MorganLBrennan, @SaraEisenand @BobPisani. pic.twitter.com/2VWbMooLy4
—Michael Saylor (@saylor) November 2, 2023
The halving event scheduled for April 2024 will see a significant drop in supply and an increase in demand, Saylor said. bitcoin-bulls-says-microstrategys-michael-saylor.html?&qsearchterm=saylor” target=”_blank” rel=”noopener”>CNBC.
He said miners’ selling behavior will change after the halving as their sales halve. Miners currently make $1 billion in sales a month, he said.
Saylor is also optimistic about the approval of a spot bitcoin exchange-traded fund (ETF), which will boost demand. Wall Street is rife with expectations that a bitcoin ETF will be approved as early as January.
Michael Saylor – The situation is unprecedented
“That’s why we’re all pretty optimistic over the next 12 months: demand will increase, supply will contract and this is unprecedented in the history of Wall Street,” Saylor said.
Saylor further stated that for the crypto industry to move forward, it needs to “migrate to adult supervision.” Once Wall Street banks become custodians of bitcoin, Saylor says they will divert attention from other tokens that have affected bitcoin‘s growth, and could then post a 10x profit.
“When responsible banks and custodians manage bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin And the industry looks away from all the shiny little tokens that have distracted and demolished shareholder value, I think the industry moves to the next level and we grow tenfold from here.” @saylor to @SaraEisen pic.twitter.com/sVKugHt7Tx
—Brad Mills (@bradmillscan) November 2, 2023
bitcoin is up 26% over the last month. The price hit a 2023 high of $35,878 last week on excitement around the likelihood of a timely approval of a bitcoin ETF in the US.
MicroStrategy bought 155 bitcoin in October
Saylor’s MicroStrategy reported a $33.6 million impairment loss on its cryptocurrency holdings in its Third Quarter 2023 Earnings. Accumulated impairment losses increased to $2.23 billion during the third quarter.
In addition to the third quarter results, MicroStrategy revealed the purchase of an additional 155 btc in October and 6,607 btc since the start of the third quarter.
MicroStrategy currently holds 158,400 btc acquired for $4.69 billion.
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