Michael Saylor is the co-founder and president of MicroStrategy, a software development company that has placed a heavy emphasis on Bitcoin in recent years. The company began investing in Bitcoin in August 2020 and has steadily purchased tokens since then. MicroStrategy has acquired more than 1% of the total Bitcoin supplywith holdings worth over $15 billion at current prices.
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MicroStrategy acquired the tokens for less than $35,000, meaning the position is up over 100% in total. Additionally, the company used convertible notes to finance Bitcoin purchasesa somewhat risky decision that worked in MicroStrategy’s favor.
Saylor has become a strong supporter of Bitcoin, constantly posting on social media and appearing on different podcasts to discuss his optimistic views on Bitcoin and crypto.
“I think it’s still going up. I mean, there’s no reason we can’t get to $10 million a piece,” Saylor said on the show. Lex Friedman Podcast. This is just one of many times Saylor has mentioned $10 million as a price target for Bitcoin. He applies similar logic each time to explain his reasoning.
Saylor points out that much of the world’s wealth resides in valuable assets, such as gold, art and real estate. He believes that Bitcoin will soon surpass these other assets as the best store of value because the code determining Bitcoin’s supply is fully available and predictable. He argues that this is the most reasonable way to invest in a store of value asset. He believes that as more people discover Bitcoin, more people will continue to invest in the asset, thereby increasing the price.
If you bought $50 worth of Bitcoin today, you could own around 0.0007 BTC. If the price of Bitcoin reached $10 million, which would increase by almost 14,000%, your 0.0007 BTC would be worth $7,000.
It’s also important to note that Saylor has a vested interest in making Bitcoin attractive to potential investors, as he and his company would benefit from price increases. He rebranded MicroStrategy as “the world’s leading Bitcoin development company,” meaning the company would benefit more from increased Bitcoin adoption. It’s important to take Saylor’s predictions with a grain of salt, as attracting more Bitcoin investors is in his best interest.
Saylor’s logic is sound. With Bitcoin’s known supply, the price could theoretically continue to rise in perpetuity if more people invest. Getting more people to invest is the only obstacle to reaching the $10 million mark.
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This item Here’s how much $50 worth of Bitcoin could be worth if Michael Saylor’s prediction is correct originally appeared on Benzinga.com
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