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MicroStrategy CEO Michael Saylor believes the Bitcoin price can easily hit the seven-digit mark.
In a new interview with FamilyOffice, Saylor says Bitcoin could appreciate a hundredfold to reach a price of $5 million per BTC.
âI can see bitcoin going to a million. I can see it going to $5 million⊠because if it simply replaces all the indexes as a monetary index money, why shouldnât it go to $100 trillion in market cap or something?â
Saylor, whose company MicroStrategy now owns 91,326 Bitcoin, points out that the flagship crypto asset is currently a âscreaming signalâ to investors, and this is aided by a rapid expansion in the money supply globally and the dominance of its blockchain network.
âIn my life Iâve never seen something that was such a screaming signal. Youâve got a $200 to $300 trillion addressable market. Youâve got a problem â money is not sound. Youâve got engineered thermodynamically sound money. Youâve got a dominant network. Everybodyâs decided itâs the network. Itâs exploding.
The signal that is exploding is itâs growing 200% a year every year for 12 years running. Thatâs the signal.â
Saylor predicts that the flagship crypto assetâs growth rate is unlikely to be replicated by the FAANG (Facebook, Amazon, Apple, Netflix, Google) tech behemoths going forward, making Bitcoin the better bet.
âNow do I think Apple, Amazon, Facebook or Google are going to go up by a factor of 10 from this point? Not really. I think theyâre plus 20, minus 20, plus 100⊠maybe they will double, maybe they will triple.â
Saylor adds that Bitcoinâs potential became far easier to understand following the economic fallout and increase in money printing that began early last year.
â[Bitcoin] got to be a much easier trade in March of 2020. And every month since March of 2020, itâs been de-risked exponentially, and then the need is exploding.â
In other trending Bitcoin News today:
Bitcoin Falls to Two-Week Lows as $6 Billion In Options Set to Expire â Whatâs Next?
Bitcoinâs (BTC) price has been in retreat, down 20% since the recent all-time high at $62,000 in mid-March. As crypto markets are frequently volatile, this may very well be another normal pullback within the current bull cycle.Â
Corrections are needed to generate strength for further upward momentum as markets canât go up in a straight line. Additionally, a record $6 billion expiration of options is expected on March 26, which often brings some volatility.Â
It is also quite common for the marketâs momentum to shift momentum once the options expiration date comes and goes.
The 4-hour chart shows an apparent downtrend since the recent all-time high at $62,000 with bearish support/resistance flips.Â
Regardless, Bitcoinâs price has rejected the critical resistance zone at $56,500 in the latest rally after Tesla announced it has started accepting (and holding) BTC in the United States for its vehicles.Â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://www.cnbc.com/2021/03/24/fidelity-to-launch-bitcoin-etf-as-investment-giant-builds-its-digital-asset-business-.html?utm_term=Autofeed&utm_medium=Social&utm_content=Main&utm_source=Twitter#Echobox=1616626200
https://cointelegraph.com/news/bitcoin-falls-to-two-week-lows-as-6-billion-in-options-set-to-expire-what-s-next
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