The former chief executive of the software firm Strategy, formerly known as MicroStrategy, is doubling down on his massive price prediction for Bitcoin (BTC) as it continues to trade above the six-figure level.
In a new interview with CNBC Television, Bitcoin firebrand Michael Saylor says that as institutions enter the top crypto asset by market cap, BTC should experience a supply shock and a surge in price.
[adinserter block="1"]“There’s been a surge of Bitcoin treasury companies. There’s like 100 public companies or more. They’re holding Bitcoin on their balance sheet. And every single week, there’s another announcement. I think that it used to be that we’re focused on the halvings.
But at this point, the entire natural supply of Bitcoin is only 450 Bitcoin available for sale every day. That’s sort of about $45 – $50 million a day at this level. That is all being consumed by the Bitcoin treasury companies. And the Bitcoin ETFs (exchange-traded funds) are coming on strong. So I’m very bullish.”
Saylor goes on to slightly upgrade his price prediction for the flagship digital asset, noting that he believes it will outpace other key asset classes, such as real estate and the S&P 500.
“My forecast in July of last year in Nashville was Bitcoin’s going to appreciate 29% a year on average for the next 21 years. And that moves it from it was about mid $60s, $65,000 to $13 million a coin in the year 2045. I’m getting more bullish on that forecast, but I’m certainly comfortable forecasting 30% a year ARR (annual recurring revenue) on average for the next 20 years.
I think Bitcoin’s up 57% a year for the past four and a half years. Again, that’s double the Mag seven. That’s quadruple the S&P. That’s eight times real estate and bonds are down 4%. So Bitcoin is smashing everything.”
Strategy is currently the world’s largest corporate holder of Bitcoin, coming in at 580,955 BTC worth just over $61.3 billion, according to data from BitcoinTreasuries.
Bitcoin is trading for $105,431 at time of writing, a fractional decrease on the day.
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