Michael Saylor, the co-founder and Executive Chairman of MicroStrategy, expressed unwavering confidence in Bitcoin’s future during an interview with CNBC. Saylor believes that Bitcoin is on the brink of an “unprecedented” price surge, unlike anything seen in modern financial history.
His optimism about Bitcoin is rooted in several upcoming events in the Bitcoin ecosystem. One significant event is the “halving” event set for April, which will slash Bitcoin mining rewards by 50%. This reduction is expected to decrease the influx of newly mined Bitcoins into the market significantly.
Additionally, rumors on Wall Street suggest that the first spot Bitcoin exchange-traded fund (ETF) might finally receive approval by Christmas. This development would open the doors to a broader range of mainstream investors.
Michael Saylor – We Are Bitcoin Big
“You’re going to see $12 billion of natural selling per year converted into $6 billion of natural selling a year—at the same time as things like spot Bitcoin ETFs increase the demand for Bitcoin. So that’s why all of us are fairly bullish over the next 12 months: demand’s going to increase, supply’s going to contract, and this is fairly unprecedented in the history of Wall Street.”
He shared his belief that as major financial institutions continue to invest in Bitcoin, they will bring stability to Bitcoin. And the effect will reach the entire crypto industry, further propelling Bitcoin’s price. According to Saylor, “When banks on Wall Street and responsible custodians are managing Bitcoin, and the industry takes its eyes away from all the shiny little tokens that have distracted and demolished shareholder value, I think the industry moves to the next level, and we 10x from here.”
Bitcoin has experienced a strong bull run in recent weeks surging over 11% to reach $31,000 last month. The price move was driven by expectations of a spot Bitcoin ETF approval in the United States. Prices have continued to climb, reaching a 2023 record high of $35,878 in the past week. As of the latest data from CoinGecko, Bitcoin is currently valued at $34,682.
Notably, investment research firm Bernstein, which had previously been skeptical about Bitcoin, predicted that the cryptocurrency could reach $150,000 by 2025, considering the real possibility of a spot Bitcoin ETF approval. Bitcoin’s previous all-time high was achieved in November 2021, briefly surpassing $69,000.
