Michael Saylor expects Bitcoin to trade at $69,000 in the next four years
Michael Saylor, co-founder and chairman of business intelligence software MicroStrategy, predicts that Bitcoin’s price will reach an all-time high from November 2021 (around $69,000) “sometime in the next four years.”
Over the years, the 57-year-old entrepreneur has presented himself as an outspoken proponent of leading crypto, and his company is the largest corporate holder of BTC. Earlier this week, it added another 301 coins to its stash to 130,000 bitcoins.
Huge leap for BTC in the next few years
Michael Saylor, the pro-Bitcoin U.S. business executive, doesn’t appear to be concerned about the ongoing crypto winter. Despite the market crash this year, he believes Bitcoin will reach an all-time high of $69,000 in the next four years.
In his recent interview, he further predicted that if the major Crypto asset matches gold’s market cap, it could trade at $500,000 over the next decade:
“The next logical step for Bitcoin is to replace gold as a non-sovereign store of value.”
Michael Thaler, Source: Bloomberg
While the market caps of the two assets are currently significantly different (gold is around $11 trillion versus bitcoin’s $365 billion), Saylor often favors cryptocurrencies.
Last year, he outlined the merits of BTC, claiming that it is 50 times better than the precious metal. This summer, he doubled down on that stance, calling the asset “significantly better than gold and everything it wants to be.” Saylor expects it to soar to $1 million in the next few years, not zero (as some might predict, given its recent price drop).
MicroStrategy continues to buy BTC
The company interacted with Bitcoin again a few days ago, spending $6 million to buy 301 coins at an average price of $19,851 per asset. As a result, the Nasdaq-listed company’s cryptocurrency holdings soared to 130,000 bitcoins.
However, MicroStrategy’s current investments have significant unrealized losses due to the market crash. It has spent about $4 billion over the years to build up its holdings, and that amount is now worth about $2.5 billion.
The company’s stock price has also been on a downward trend over the past few months. MSTR shares were worth over $800 last November (when the cryptocurrency market peaked and Bitcoin was trading near $70,000), and now they are hovering below $200 (a 75% drop).
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