Bitcoin demand can grow up to 10X in 12 months: Michael Saylor
Bitcoin Bull Michael Saylor, founder of MicroStrategy, thinks BTC demand could grow by 10X by the end of 2024.
In the year Speaking at the 2023 Australian Crypto Convention on November 10, Saylor was asked to give his views on Bitcoin and its ecosystem over the next four to five years.
In response, Saylor initially outlined the timeframe between 2020 and 2024, stating that Bitcoin will go from being seen as an “offshore unregulated asset” to an “institutional mainstream application”.
In a recent report, Saylor said that BTC will become the primary asset of adolescence by the end of 2024, highlighting the changes in supply and demand that will take place in the near future:
I think this is going to be a big next 12 months. Because of interest [on a monthly basis] From two to 10 it should double or triple or maybe even 10 times. […] And the supply for sale will be halved in April.
“So instead of a billion dollars of Bitcoin available to miners every month, it would be half a billion. Maybe $15 billion in organic demand and $12 billion in organic supply. It's unprecedented to go out of balance with supply and demand. What happens when one doubles, and the other cuts in half?” “The price is going to be adjusted,” he added.
Saylor describes the next 12 months as a “coming out party” for Bitcoin as the asset graduates from “college” and out into the real world.
In the year Looking to 2024 to 2028, Bitcoin is predicted to remain at a high growth rate as adoption spreads across the large tech industry and mega banks, both sectors integrating Bitcoin into their products and services.
Saylor said that he expects a lot of competition between companies like Apple and Meta (Facebook) to finally get their hands on BTC to sell for a big profit.
“You're going to have fierce competition and you're going to have the largest share of assets among Wall Streeters and crypto exchanges are going to compete and you're going to get other tech companies involved. […] That would be a check.
“The other check is going to be the big mega-banks or bitcoin custodians like JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, and you know. […] When you lend and when you lend and when you customize and when you buy and when you sell. I think this will be the second check,” he added.
Looking further into the future, around 25 years from now, Saylor has made some lofty predictions about Bitcoin's future, emphasizing that BTC will blow any other high-quality asset out of the water.
By the time it reaches that terminal growth rate, maybe 20 years have passed, maybe 25 years, or it will double as fast or double as the S&P 500 index or whatever high-quality portfolio you can buy. He said.
“So if you think like that, you just say, well […] Now we double, we double again, and we double again, and that coin continues to grow into a million dollar coin, a $2 million dollar coin, a $5 million dollar coin, a $10 million dollar coin.
Microstrategy currently holds about 158,400 BTC, and the company had about $900 million in investments as of November 2.
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