Leading Topic: Crypto
Classification: IPTC: 04019000 • IAB-QAG: IAB13-3, IAB13
Please enjoy this #crypto content, Bitcoin could hit $500k within the next decade, says Michael Saylor, below.
Bitcoin is down by more than 60% from its recent all-time high, but Michael Saylor believes that it will recover its price in the next four years.
Michael Saylor, the co-founder and executive chairman of MicroStrategy, has revealed that he expects bitcoin to return to its November high of nearly $69,000 within the next four years.
His prediction comes despite Bitcoin performing poorly since the start of the year. Bitcoin reached an all-time high of $69k in November 2021 but is now trading below $20k per coin.
Saylor said the current price means that Bitcoin has reached its bottom and could only rally higher from here. He said
“It has touched that a few times. I think this is stable.”
The leading cryptocurrency has been trading around the $19k mark since the start of the week. Saylor further predicted that Bitcoin could reach $500k in the next decade.
According to the MicroStrategy chairman, Bitcoin said he expects Bitcoin’s market cap to reach that of gold. He considers Bitcoin to be a hedge against inflation, and its market cap will increase over the next few years. Saylor said;
“The next logical step for bitcoin is to replace gold as a non-sovereign store of value asset.”
Saylor’s comments come a few days after MicroStrategy bought an extra 301 bitcoins. The company bought the coins for $6 million, at an average price of over $19k per coin.
Following this latest development, MicroStrategy holds 130,000 bitcoins, making it one of the largest institutional Bitcoin holders in the world.
The company has spent more than $3 billion on Bitcoin acquisition over the past few years and might continue to add to its stash.
MicroStrategy revealed earlier this year that it is building out the Lightning Network, a payment protocol using the bitcoin blockchain.
According to the data obtained from MarketWatch, Saylor personally holds about 17,732 bitcoins, which he bought at an average price of about $9,500.
‘News of the Day’ content, as reported by public domain newswires.
Source Information (if available)
It appears the above article may have originally appeared on coinjournal.net and has been shared elsewhere on the internet, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!