Bitcoin Demand Could Increase Tenfold by 2024, Predicts MicroStrategy Co-founder Michael Saylor
Summary:
Michael Saylor, MicroStrategy co-founder, predicts the demand for Bitcoin could surge tenfold by 2024. He comments on Bitcoin's transition during 2020-2024, progressing from an "unregulated offshore asset" to an "institutionalized mainstream application." Saylor also anticipates a Bitcoin high-growth stage from 2024 to 2028 as adoption expands onto big tech corporations and global banks. He projects an increase in BTC's value to the millions making some ambitious long-term predictions for the cryptocurrency.
As the Bitcoin halving draws closer, Michael Saylor, the co-founder of MicroStrategy and an ardent Bitcoin supporter, predicts that BTC demand could potentially increase tenfold by 2024. At the Australia Crypto Convention on Nov. 10, 2023, he was queried about his forecast for Bitcoin and its ecosystem in the coming four to five years.
Addressing this, Saylor started by discussing the progress of Bitcoin from 2020 to 2024, pointing out how BTC transitioned from an "unregulated offshore asset" to being recognized as an "institutionalized mainstream application." He further delved into the near future, suggesting that by the close of 2024, BTC might evolve into a "young mainstream commodity," emphasizing on a few critical supply-demand dynamics that would soon become significant.
He mentioned, "The forthcoming year is bound to be substantial. The monthly demand is expected to increase two to ten times while the supply for sale will halve by April." He added, “The available monthly Bitcoin supply for miners will reduce to half a billion from one billion. Obviously, the price will have to adjust upwards when supply halves while demand doubles, a situation unheard of before."
In his view, the upcoming year is Bitcoin's "debut event," as the asset steps into the real world after 'graduating.' From 2024 to 2028, he anticipates Bitcoin to maintain its growth trajectory as big tech corporations and global banks adopt the currency, incorporate Bitcoin into their services and offerings. He also foresees an intense competition amongst companies like Apple and Meta (Facebook) to acquire BTC, to subsequently sell it for substantial profits.
Speaking about the future of Bitcoin in about 25 years, Saylor drew some ambitious predictions. He believes that BTC will surpass every other top-notch asset. He stated, "When BTC achieves terminal growth rate, perhaps 20 or 25 years from now, it’ll grow at a pace twice that of the S&P 500 Index or any other diverse, high-quality asset portfolio. One can expect the coin's value to jump to a million dollars a coin, two million, five million, even ten million."
Currently, MicroStrategy holds about 158,400 BTC, with their investment yielding around $900 million profit as of Nov. 2.
Published At
11/11/2023 6:20:57 AM
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