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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.
“I 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 shouldn’t it go to $100 trillion in market cap or something?”
Saylor, whose company MicroStrategy now owns 91,326 Bitcoin, points out that the flagship crypto asset is currently a “screaming signal” to investors, and this is aided by a rapid expansion in the money supply globally and the dominance of its blockchain network.
“In my life I’ve never seen something that was such a screaming signal. You’ve got a $200 to $300 trillion addressable market. You’ve got a problem – money is not sound. You’ve got engineered thermodynamically sound money. You’ve got a dominant network. Everybody’s decided it’s the network. It’s exploding.
The signal that is exploding is it’s growing 200% a year every year for 12 years running. That’s the signal.”
Saylor predicts that the flagship crypto asset’s growth rate is unlikely to be replicated by the FAANG (Facebook, Amazon, Apple, Netflix, Google) tech behemoths going forward, making Bitcoin the better bet.
“Now 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 they’re plus 20, minus 20, plus 100… maybe they will double, maybe they will triple.”
Saylor adds that Bitcoin’s potential became far easier to understand following the economic fallout and increase in money printing that began early last year.
“[Bitcoin] got to be a much easier trade in March of 2020. And every month since March of 2020, it’s been de-risked exponentially, and then the need is exploding.”
In other trending Bitcoin News today:
Bitcoin Falls to Two-Week Lows as $6 Billion In Options Set to Expire – What’s Next?
Bitcoin’s (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.
Corrections are needed to generate strength for further upward momentum as markets can’t go up in a straight line. Additionally, a record $6 billion expiration of options is expected on March 26, which often brings some volatility.
It is also quite common for the market’s 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.
Regardless, Bitcoin’s 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.
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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.
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