Demand for Bitcoin could grow by up to 10X within 12 months: Michael Saylor Demand for Bitcoin could grow by up to 10X within 12 months: Michael Saylor
With the upcoming Bitcoin halving, the co-founder of MicroStrategy, Michael Saylor, is optimistic about the potential for a substantial increase in demand for Bitcoin (BTC) in the near future. Saylor’s projection indicates a possible increase in BTC demand by up to 10 times by the end of 2024.
The Outlook for Bitcoin
During his speech at the 2023 Australia Crypto Convention, Saylor shared his insights on the future of Bitcoin. He mentioned that BTC’s perception has transformed from an “offshore unregulated asset” to an “institutionalized mainstream app” between 2020 and 2024.
The Near-Term Prospects
Considering the near term, Saylor forecasted that BTC will transition into an “adolescent mainstream asset” by the end of 2024. This assessment is underpinned by the interplay of supply and demand dynamics. Saylor expects the demand to potentially double, triple, or even increase by a factor of 10 within the upcoming 12 months.
- Monthly demand for BTC
- Reduced supply available for sale
As the supply available for sale is expected to halve in April, Saylor emphasized the unprecedented nature of this shift in the supply and demand balance, potentially resulting in an upward adjustment of the BTC price.
BTC’s Future Growth
Saylor envisioned the next 12 months as a significant period marking Bitcoin’s “coming out party” as it transitions from “college” to the real world. Looking ahead to 2024 to 2028, Saylor projected sustained high growth for Bitcoin as its adoption expands within the big tech industry and mega banks globally. Additionally, he anticipates intensified competition among companies such as Apple and Meta (Facebook) to capitalize on BTC for substantial profits.
Furthermore, Saylor provided ambitious long-term forecasts for Bitcoin, suggesting its exponential growth over the next 25 years. He highlighted the potential for BTC to outperform other high-quality assets significantly, envisioning the coin reaching values of millions of dollars in the distant future.
MicroStrategy’s Bitcoin Holdings
MicroStrategy’s significant investment in Bitcoin, currently holding around 158,400 BTC, reflects the firm’s confidence in the future potential of the cryptocurrency market. As of November 2, the firm had realized substantial returns on its Bitcoin investment.
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