Bitcoin could hit $500k within the next decade, says Michael Saylor
Bitcoin is down by more than 60% from its recent all-time high, but Michael Saylor believes that it will recover its price in the next four years.
Michael Saylor, the co-founder and executive chairman of MicroStrategy, has revealed that he expects bitcoin to return to its November high of nearly $69,000 within the next four years.
His prediction comes despite Bitcoin performing poorly since the start of the year. Bitcoin reached an all-time high of $69k in November 2021 but is now trading below $20k per coin.
Saylor said the current price means that Bitcoin has reached its bottom and could only rally higher from here. He said
“It has touched that a few times. I think this is stable.”
The leading cryptocurrency has been trading around the $19k mark since the start of the week. Saylor further predicted that Bitcoin could reach $500k in the next decade.
According to the MicroStrategy chairman, Bitcoin said he expects Bitcoin’s market cap to reach that of gold. He considers Bitcoin to be a hedge against inflation, and its market cap will increase over the next few years. Saylor said;
“The next logical step for bitcoin is to replace gold as a non-sovereign store of value asset.”
Saylor’s comments come a few days after MicroStrategy bought an extra 301 bitcoins. The company bought the coins for $6 million, at an average price of over $19k per coin.
Following this latest development, MicroStrategy holds 130,000 bitcoins, making it one of the largest institutional Bitcoin holders in the world.
The company has spent more than $3 billion on Bitcoin acquisition over the past few years and might continue to add to its stash.
MicroStrategy revealed earlier this year that it is building out the Lightning Network, a payment protocol using the bitcoin blockchain.
According to the data obtained from MarketWatch, Saylor personally holds about 17,732 bitcoins, which he bought at an average price of about $9,500.