In a speech at the 2023 Australia Crypto Convention on November 10, Michael Saylor, the co-founder of MicroStrategy and a prominent Bitcoin advocate, shared his bullish outlook for Bitcoin, predicting a surge in demand of up to 10 times its current levels within the next 12 months. Saylor attributed this anticipated growth to the upcoming Bitcoin halving, scheduled for April of the following year.
Saylor provided a retrospective of Bitcoin’s journey from being perceived as an “offshore unregulated asset” to becoming an “institutionalized mainstream app” between 2020 and 2024. Focusing on the near future, he forecasted that Bitcoin would transition into an “adolescent mainstream asset” by the end of 2024, highlighting crucial dynamics related to supply and demand.
He emphasized the significance of the next 12 months as a pivotal period for Bitcoin, referring to it as the cryptocurrency’s “coming-out party.” Saylor noted that the monthly demand for Bitcoin could witness a substantial increase, doubling, tripling, or even growing tenfold. Simultaneously, the available supply for sale is expected to be halved after the April 2024 halving event.
Saylor explained, “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.”
Looking ahead to the years 2024 to 2028, Saylor envisioned a continued high-growth stage for Bitcoin. He anticipated widespread adoption across major tech companies and mega banks globally, with these sectors integrating Bitcoin into their products and services. Saylor also predicted fierce competition among companies like Apple and Meta (Facebook) to acquire Bitcoin for substantial profits.
Highlighting future checks for Bitcoin’s progress, Saylor pointed to competition among Wall Street firms, crypto exchanges, and other tech companies. He specifically mentioned major banks like JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, and Deutsche Bank entering the space and incorporating Bitcoin into their financial services.
Taking a long-term perspective, Saylor outlined ambitious predictions for Bitcoin’s future, foreseeing it surpassing other high-quality assets. He projected exponential growth, stating, “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.”
As of November 2, MicroStrategy holds approximately 158,400 BTC, and the firm has seen significant gains, being up around $900 million on its Bitcoin investment.