Michael Saylor expects demand for Bitcoin to double
Michael Saylor, CEO of Microstrategy, predicts a significant increase in demand for Bitcoin, especially with the upcoming fork approaching and the US Securities and Exchange Commission (SEC) potentially approving Bitcoin exchange-traded funds (ETFs).
In an interview with Fox Business, Saylor talked about the current balance between supply and demand in the Bitcoin market and how these two events could boost the price of the cryptocurrency in the future.
Saylor drew attention to the fact that after the fork event next April, the volume of Bitcoin will shrink, and with the possibility of approvals for Bitcoin ETFs, demand is expected to at least double, which will lead to a rise in the price to reflect the increase in demand.
Saylor encourages investors to follow these two events closely, stressing that the next 12 months could be very favorable for Bitcoin.
In previous statements, Saylor went further, expressing his belief that the price of Bitcoin may eventually reach $5 million.
He believes that there are three main catalysts that may accelerate Bitcoin’s arrival to this level, including:
- Launching a Bitcoin ETF makes it easier for individuals and institutions to make large purchases of Bitcoin.
- The possibility of keeping Bitcoin and borrowing it through banks.
- Ability to adjust the value held in Bitcoin on companies' balance sheets based on fair value.
Since adopting the Bitcoin strategy in August 2020, Microstrategy has continued to accumulate Bitcoin in its treasury, announcing that it now holds 158,400 Bitcoin at a total cost of $4.69 billion, or $29,586 per Bitcoin.
