The CEO of Nasdaq-listed business intelligence firm MicroStrategy, Michael Saylor, has revealed he believes the price of bitcoin could surge to $5 million per coin in the future and he sees it as a “screaming buy.”
Saylor’s words came during an interview with FamilyOffice, first spotted by Daily Hodl, where Saylor said the cryptocurrency could see its price move up to $5 million per BTC. Saylor’s price prediction surpasses even the most bullish ones, including Kraken CEO’s $1 million price prediction.
During the interview, the CEO of MicroStrategy said:
I can see bitcoin going to a million. I can see it going to $5 million… because if it simply replaces all the indexes as a monetary index money, why shouldn’t it go to $100 trillion in market cap or something?
To Saylor, bitcoin is still showing investors a “screaming signal” that it should be bought, as it has a “$200 to $300 trillion addressable market,” and a clear problem it’s fixing: fiat money is not sound, while BTC is “engineered thermodynamically sound money.”
Moreover, the Bitcoin network is the dominant one in the cryptocurrency space which means “everybody decided it’s the network,” and as such its price has been exploding over the last few years. Saylor detailed the buy signal is that it’s “growing 200% a year every year for 12 years running. That’s the signal.”
He then predicted the cryptocurrency will keep on outperforming FAANG stocks – those of Facebook, Amazon, Apple, Netflix and Google – as he doesn’t even see the tech giants grow by a factor of 10 from their current point, even though he contends they “maybe” will triple in value over time.
Bitcoin’s potential, Saylor added, became clear when quantitative easing and other economic stimulus and relief measures increased the supply of circulating fiat currency. He said:
[Bitcoin] got to be a much easier trade in March of 2020. And every month since March of 2020, it’s been de-risked exponentially, and then the need is exploding.
The price of bitcoin moved from little over $11,000 in October of last year to a new all-time high near $62,000 earlier this month, before enduring a correction that saw its price dip to $52,000 at press time, according to CryptoCompare data.
MicroStrategy has been buying bitcoin throughout the cryptocurrency’s bull run, at one point issuing debt to buy more. The firm invested $2.21 billion in BTC to now hold 91,326 coins. These are worth over $4.76 billion.
Featured image via Pixabay.