Bitcoin’s most fervent worker didn’t shy away on why he believes the cryptocurrency has plenty of upside.
There are many people who can claim to be bigger fans of Bitcoin (BTC -2.47%) than Michael Saylor. The director of MicroStrategy (MSTR 1.25%) has become what could only be explained as a Bitcoin eva
Over the last four years his organisation has embarked on a strategy of replacing all its money on hand with Bitcoin, and in some instances even taking on debt to purchase more Bitcoin. Today, MicroStrategy also provide around 1% of the total Bitcoin supply.
To some it may seem ockward to do such a terms, but if all goes to plan, Saylor’s decision to pursue the Bitcoin method could make him and his organisation billions particularly if Bitcoin hits his last prediction of $8 million per coin, a 12,000% enhance from its present price. Here’s how, and why, Saylor believes the world’s cryptocurrency can keep up its historic pace.
Over the weekend, the region of Prague hosted the biggest Bitcoin meeting in Europe and one of the keynote speakers was none other than Michael Saylor. Titled “21 Rules of HODLing,” Saylor’s conference elaborated on the do’s and don’ts of investing in Bitcoin, some of the lessons he has gained, and of course, a small speculation.
He touched on several sections, but the most compelling highlighted the common and role of Bitcoin (and why he believes the cryptocurrency has what it takes to reach $8 million per coin).
In his eyes, Bitcoin is the best safe haven asset. Its decentralized and virtually impenetrable network makes Bitcoin perfect from manipulation that has become so prevalent in the present economical system.
In other terms, not only can holders have believe that their hard-earned cash saved in Bitcoin will be there when they require it, but they will likely be value more as time marches on. This is because there will only be 21 million Bitcoins made and the rate at which those Bitcoins enter the market is decreasing thanks to the halving.
Saylor’s projection isn’t latest or special. Since Bitcoin presented in 2009, there have been thousands of predictions on just how high the cryptocurrency will go. And while there is no telling whether Bitcoin has what it takes to contain $8 million per coin, two things are necessary. One, Bitcoin has defied about every expectation over the course of its decade-and-a-half life. And two, Bitcoin is still early in its adapted curve.
While it has come a long pasaage and has millions of customers around the glove, it is on track to be as transformative as the internet and will likely one day reach a same number of customers. Rest assured, even though Bitcoin might not reach Saylor’s optimistic projection, what is certain is that market for its 21 million coins will come under more and more stress for years to come.