Elon Musk won’t be rich if Bitcoin goes above $1 million
Bitcoin (BTC) creator Satoshi Nakamoto is believed to hold 1.1 million BTC worth $46 billion today. This means that Elon Musk may not be the world's richest man and first trillionaire if Bitcoin reaches the high six-figure range.
Meanwhile, other prominent Bitcoin owners have made billions from BTC's rise in value over the past 15 years. One of the most notable examples is Michael Saylor, CEO of MicroStrategy, who has $2.6 billion in Bitcoin investments.
Can a Bitcoin dethrone billionaire Elon Musk?
So, how much would it cost someone like MicroStrategy CEO Michael Saylor to become the world's richest person?
There are many factors to consider when looking at the possibility of Michael Saylor surpassing Elon Musk, the world's richest man, in the rise of Bitcoin's value. That is, Saylor's total Bitcoin holdings and Musk's net worth, and does not include his own potential Bitcoin and (possibly) Dogecoin (DOGE) stack for this theoretical exercise.
RELATED: Michael Saylor Starts Selling $216M in MicroStrategy Shares for More Bitcoin
Recent data shows Michael Saylor's total Bitcoin holdings at 206,882 BTC (~$9 billion), including MicroStrategy's 189,150 BTC and his own 17,732 BTC stash, according to Forbes. On the other hand, Elon Musk's net worth is around $219 billion.
In order to calculate the Bitcoin value necessary to exceed Saylor's net worth mask, we need to find the estimated value of Saylor's holdings at more than $219 billion per Bitcoin.
Let's break down the calculations you can try with Cointelegraph's price calculator:
Michael Saylor's Personal Bitcoin Holdings: 17,732 BTCMicroStrategy's Bitcoin Holdings: 189,150 BTCTotal Bitcoin Holdings: 17,732 BTC (Personal) + 189,150 (Company) = 206,882 BTC (~$~9B) Elon Musk 19 BTC Value
Now we can calculate the required Bitcoin value for this scenario.
Seven-digit Bitcoin price
To surpass Elon Musk's net worth of $219 billion, the value of one bitcoin would need to reach approximately $1,054,000. This is a massive 24x increase from current Bitcoin prices, but is in line with many price predictions. At the same time, this shows the great difference that remains between the two entrepreneurs.
Related: Ex-BitMEX CEO Explains How Bitcoin Will Reach $1 Million By 2030
It's important to note that this scenario is hypothetical and depends on several factors, including Bitcoin market volatility, Elon Musk's net worth fluctuations (mostly tied to his holdings in companies like Tesla and SpaceX), and Michael Saylor's Bitcoin holdings.
Furthermore, such a dramatic increase in the value of Bitcoin will have a major impact on the cryptocurrency market and the global financial system.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
