Fervent Bitcoin Promoter Michael Saylor made another very optimistic prediction regarding the price of Bitcoin. His comments, which were made at a recent event in Prague, attracted attention from the crypto community, especially due to the high price.
During his speech at the event, Saylor predicted that Bitcoin could reach as much as $8 million per coin and that many investors would miss the price surge. Notably, these comments come in the context of MicroStrategy’s comments recent revelation that he wants to increase its Bitcoin holdings.
Saylor’s bold prediction at Prague event
During his speech at the Bitcoin event in Prague, Saylor recounted his journey with Bitcoin in its early days. Interestingly, Saylor noted that he was also indecisive when he first considered investing in Bitcoin. In 2013, Saylor looked at Bitcoin and dismissed it, thinking it would only find a place in online gambling.
As a result, he lost the opportunity to buy when Bitcoin was trading at $892, and only finally decided to buy when Bitcoin hit $9,500. “I got the award I deserved,” Saylor noted. However, Saylor has been a strong supporter of Bitcoin since he finally purchased it, even calling it digital gold. He has also argued in the past that Bitcoin is the only asset that investors can truly own because it is free of government authority.
As Saylor explains, despite Bitcoin’s growth in recent years, many investors are still skeptical about buying it. Saylor noted that even if Bitcoin hits $950,000, some might still call it overbought and expect a drop to $700,000, only potentially missing out when the price eventually climbs to $8,000,000.
“Everyone is getting Bitcoin at the price they deserve,” Saylor noted.
Is $8 Million Bitcoin Really Achievable?
Although $8 million per Bitcoin may seem like a stretch, Saylor and other analysts believe in the power of exponential growth. With Bitcoin now trading at $66,000, a price of $8 million would mean a 12,000% price increase from the current price level. For Bitcoin to reach this level, its market capitalization would need to increase 150-fold from its current value to around $168 trillion.
For this to happen, Bitcoin would need to gain mainstream adoption and attract interest from institutional investors, which is starting to increase thanks to Spot Bitcoin ETFs. If adoption truly becomes widespread, $8 million per Bitcoin might not be out of the realm of possibility in the decades to come.
MicroStrategy, Saylor’s intelligence company, is one of the few companies leading the charge in mainstream adoption of Bitcoin. At the time of writing, MicroStrategy owns approximately 1% of the circulating supply of Bitcoin, and its investment has paid so far.
According to a recent disclosure, MicroStrategy is now planning to sell $700 million worth of its convertible notes. The net proceeds from ticket sales will then be used to acquire additional Bitcoin.
Featured image from Shutterstock, chart from TradingView
