The Future of Bitcoin: Predictions by Michael Saylor
With the Bitcoin halving just months away, MicroStrategy co-founder and Bitcoin (BTC) bull Michael Saylor believes that the demand for BTC could grow by as much as 10x by the end of 2024. During a speech at the 2023 Australia Crypto Convention on Nov. 10, Saylor shared his outlook for Bitcoin and its ecosystem over the next four to five years.
The Journey of Bitcoin
Saylor began his speech by highlighting the transformation of Bitcoin from an “offshore unregulated asset” to an “institutionalized mainstream app” between 2020 and 2024. He then focused on the near term, stating that BTC will become an “adolescent mainstream asset by the end of 2024.”
Supply and Demand Dynamics
Saylor emphasized the key dynamics surrounding supply and demand that will impact Bitcoin in the coming years. He explained that in the next 12 months, demand for BTC will double, triple, or even increase by a factor of 10 on a monthly basis. Additionally, the supply available for sale will be halved in April.
With a decrease in available supply and a significant increase in demand, Saylor believes that the price of Bitcoin will adjust upwards. He described this period as Bitcoin’s “coming out party” as the asset transitions from “college” to the real world.
Bitcoin in 2024–2028
Saylor predicted that Bitcoin will continue to experience high growth between 2024 and 2028. He expects adoption to spread across the big tech industry and mega banks worldwide, with these sectors integrating Bitcoin into their products and services. Saylor also anticipates intense competition among companies like Apple and Meta to acquire BTC for potential profits.
Looking even further into the future, Saylor made some lofty predictions for Bitcoin. He emphasized that BTC will outperform any other high-quality asset and grow twice as fast as the S&P 500 Index or any other diversified portfolio of assets.
Saylor concluded by stating that Bitcoin could eventually reach a value of $1 million, $2 million, $5 million, or even $10 million per coin.
MicroStrategy’s Bitcoin Holdings
MicroStrategy, the company co-founded by Saylor, currently holds around 158,400 BTC. As of Nov. 2, the firm had made a profit of approximately $900 million on its Bitcoin investment.
Disclaimer: The information provided in this article is solely for informational purposes and does not constitute financial advice.