The post Bitcoin Conference 2024: Michael Saylor Reveals Major Bitcoin Price Prediction appeared first on Coinpedia Fintech News
Michael Saylor, executive chairman of MicroStrategy, made waves at the Bitcoin conference in Nashville by predicting that Bitcoin’s market capitalization will skyrocket to $280 trillion by 2045. This optimistic forecast represents a massive increase from its current market cap of just over $1 trillion, suggesting Bitcoin could overshadow traditional assets like art and gold.
Saylor’s Bitcoin Advocacy
Known for his bullish stance on Bitcoin, Saylor owns over $1 billion in Bitcoin personally, and MicroStrategy holds around 226,000 Bitcoins worth approximately $15.3 billion. During his keynote speech to thousands of attendees, Saylor emphasized Bitcoin’s potential longevity compared to other assets, arguing that digital capital could outlast physical assets.
He stated that Bitcoin’s current market cap is $1.3 trillion, making up just 0.1% of global wealth. He predicts that in a base scenario, Bitcoin could reach $13 million, representing 7% of global wealth, with a market cap of $280 trillion and an annual return of 29%.
In a bullish scenario, Bitcoin could soar to $49 million, or 22% of global wealth. Even in a bearish scenario, Bitcoin might still hit $3 million, making up 2% of global wealth. Currently, Bitcoin is trading at $67,884.83, up 4.84%.
The “Little Orange Asset”
Saylor highlighted the global economy’s reliance on “imperfect assets and systems,” positioning Bitcoin as a superior alternative. He believes Bitcoin’s value isn’t diluted by factors such as war and catastrophe. He suggests that Bitcoin held with a custodian could have a useful life of 1,000 years, self-custodied Bitcoin 10,000 years, and Bitcoin maintained by AI could last 100,000 years. He further suggests that the US government should secure most of the world’s Bitcoin. He believes it will boost the dollar’s strength and future.
MicroStrategy’s Bitcoin Journey
MicroStrategy began its Bitcoin acquisitions in 2020 following the pandemic-induced market crash. The company has consistently increased its Bitcoin holdings, recently adding 12,000 Bitcoins to its balance sheet. Saylor frequently points to MicroStrategy’s rising stock price, which has climbed 155% year-to-date, as evidence of the strategy’s success.
The Conference Atmosphere
Having said that, the conference in Nashville was filled with bullish sentiment, with attendees focusing on Bitcoin’s long-term potential rather than its current price. The community’s enthusiasm highlights the growing acceptance and support for Bitcoin’s future, reinforced by Saylor’s ambitious projections and ongoing investments.
Moreover, Bitcoin is getting political support as well, which shows that times are changing and that suppressing crypto will impact the world’s biggest economy.