One reason people continue to buy Bitcoin with debit card is despite its now notorious price volatility and the risks involved in the asset’s promising future prospects.
How promising, you may ask? If we were to listen to Michael Saylor’s predictions, Bitcoin has a bright future ahead of it, brighter than any other digital asset in the market.
According to the famous entrepreneur, Bitcoin could experience immense growth over the next decades and hit a staggering $13 million by 2045. That’s quite a daring statement, considering that at the time of writing, Bitcoin’s price stood at $66,803, with a market cap of $1,318.24B. Some might think that such a forecast is ludicrous; others may argue that Bitcoin has already defied all expectations and obstacles, reaching milestones no one thought it could achieve, so the $13 million threshold might not seem so farfetched.
Regardless of your position, Bitcoin and the ever-expanding array of crypto assets are now integral to the financial landscape. Therefore, it’s worth keeping a close eye on this asset class. This includes consulting trustworthy sources and listening to those who seem to have a deeper understanding of the market to get updates and insights on crypto’s potential trajectory.
Who is Michel Saylor?
Born on February 4, 1965, Michael Saylor has become one of the most prominent figures in the crypto space. The American entrepreneur and business executive has a fascinating backstory. The MIT-trained aeronautics and astronautics graduate has not always been a Bitcoin advocate. He then worked as an internal consultant at DuPont.
In 1989, Saylor and his MIT peer Sanju Bansal founded MicroStrategy, a business intelligence and analytics software company whose staggering success would put Saylor on the multibillionaires list in the ‘90s. Having his hands tied with running MicroStrategy, Saylor remained indifferent to what was happening in the crypto sphere during the industry’s early days.
However, during the pandemic, the entrepreneur started to gain an interest in digital assets amid discussions with his longtime friend Eric Weiss, the CEO of Blockchain Investment Group. The instability and uncertainty brought on by the health crisis prompted Saylor to learn more about this novel technology and its transformative potential.
The knowledge he acquired during this period of deep research eventually led to Saylor’s initiative to have his firm purchase 21,454 BTC worth approximately $250 million in March 2020. Over the following years, the company continued to purchase Bitcoin at different price points, increasing its crypto holdings to over 423,650 tokens, estimated at around $41.5 billion.
In addition to MicroStrategy’s Bitcoin reserve, Saylor also revealed he has a personal BTC stash containing 17,732 units that he purchased at an average price of $9,882 per coin. With a fortune of 4.4 billion, Michael Saylor is one of the wealthiest people in crypto and, therefore, one of the most influential figures in this space.
Given his heavy investments in Bitcoin and his notable achievements in the business field, the self-proclaimed Bitcoin maximalist has managed to gain the attention of the crypto world. It continues to impact the market through his actions and statements. Whenever he expresses his thoughts or remarks about Bitcoin, the entire crypto community stops and listens. Many regard him as a reputable crypto expert and turn to him for guidance and recommendations.
The road to $13 million, according to Saylor
Saylor is known for making bold business moves and even bolder predictions. When the famed entrepreneur delivered a keynote speech at the Bitcoin conference in Nashville, Tennessee, the audience was eager to hear what he had to say, and they weren’t disappointed.
During his address, Saylor stated that he envisions Bitcoin rising to a whopping $13 million, with a market cap of $280 trillion by 2045. This means Bitcoin would have to grow 275 times over the next 21 years, considering its current valuation.
Saylor presented multiple scenarios, covering a bear and a bull case for Bitcoin. The bear case establishes the $3 million billion price target by 2045. In the most optimistic scenario, if macroeconomic factors are favorable, Saylor said Bitcoin could attain a $49 million per unit value. In this case, Bitcoin would represent 22% of global wealth. Therefore, in Saylor’s opinion, even if Bitcoin follows a largely bearish trend in the future, it will still experience a spectacular increase.
To substantiate his arguments and unwavering confidence in Bitcoin’s appreciation potential, Saylor has explained in the past that he believes Bitcoin can provide economic immortality. According to the Executive Chairman of MicroStrategy, all physical assets are subject to the laws of thermodynamics, which state that energy tends to diminish with time. Therefore, these assets will progressively lose their value, with other external factors such as wars and natural disasters contributing to this decline. However, Bitcoin is exempt from this process, being an immaterial and immutable asset that doesn’t reside in the physical world. This means it’s able to keep his characteristics intact indefinitely.
Although some may view Saylor’s forecasts as aggressive, Saylor’s opinions bear weight and are highly valued in the crypto space.
Furthermore, Saylor is not the only reputable figure bullish on Bitcoin. Various crypto experts, analysts, and stakeholders also harbor high hopes for the asset. Cathie Wood, CEO of Ark Invest, said that Bitcoin might reach a price of $1.48 million by 2030. At the same time, Larry Fink, co-founder, chairman, and CEO of BlackRock, the renowned investment management firm, has called the primary digital asset “digital gold” and a “legitimate” financial instrument.
Outlandish or not, Saylor’s predictions are bound to make waves in the crypto landscape and possibly influence the decisions of many traders and investors worldwide.
