With the Bitcoin halving simply months away, MicroStrategy co-founder and Bitcoin (BTC) bull Michael Saylor thinks that demand for BTC could grow by as a lot as 10x by the top of 2024.
During a speech on the 2023 Australia Crypto Convention on Nov. 10, Saylor was asked to give his outlook for Bitcoin and its ecosystem over the subsequent 4 to 5 years.
In response, Saylor initially gave a rundown on the interval between 2020 and 2024, noting that Bitcoin went from being seen as an “offshore unregulated asset” to an “institutionalized mainstream app.”
Honing in on the close to time period, Saylor stated that BTC will turn into an “adolescent mainstream asset by the end of 2024,” as he highlighted key dynamics surrounding supply and demand that can quickly come into play:
“I think that this next 12 months is going to be big. Because demand [on a monthly basis] should double or triple or maybe go up by a factor of 10, anywhere from two to 10. […] and the supply available for sale will be cut in half in April.”
“So, instead of a billion dollars of Bitcoin available for miners each month, it will be half a billion. It’s pretty unprecedented that you would go from a supply-and-demand balance of maybe $15 billion of organic demand and $12 billion of organic supply. What happens when one doubles and the other one cuts in half? The price is going to adjust up,” he added.
Saylor went on to describe the subsequent 12 months for Bitcoin as its “coming out party” because the asset graduates from “college” and heads out into the true world.
Looking at 2024–2028, Saylor predicted that Bitcoin will proceed to be in a high-growth stage as adoption spreads throughout the massive tech business and mega banks worldwide, with each sectors integrating Bitcoin into their services and products.
Saylor additionally stated he expects to see lots of competitors amongst firms like Apple and Meta to get their fingers on BTC to ultimately promote for main income.
“You’re going to have ferocious competition and will among Wall Streeters to get the most asset share, and you’re going to have crypto exchanges competing, and you’re going to have other tech companies getting involved. […] That’ll be one check.”
“The other check will be when the big mega banks or Bitcoin custodians with JPMorgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, and, you know […] when they’re making loans and giving mortgages and customizing it and buying and selling it. I think that’ll be the second check,” he added.
Looking even additional into the long run, at round 25 years down the street, Saylor outlined some lofty predictions for the way forward for Bitcoin, as he emphasised that BTC will blow every other high-quality asset out of the water.
“When it hits that terminal growth rate, maybe 20 years out, maybe 25 years, or it’ll be growing twice as fast or compounding twice as fast as the S&P 500 Index, or any other diversified, high-quality portfolio of assets you could buy,” he stated, including:
“So, if you think about it like that, you just say, well […] now we’re going to double; we’re going to double again; we’re going to double again; and we’re going to double again, that coin is going to continue to progress to a million dollars a coin, $2 million a coin, $5 million a coin, $10 million a coin.”
MicroStrategy currently holds around 158,400 BTC, and the agency was up round $900 million on its funding as of Nov. 2.
Magazine: Recursive inscriptions — Bitcoin ‘supercomputer’ and BTC DeFi coming soon