Executive Chairman and Co-Founder of Microstrategy, Michael Sayloris someone who always takes every opportunity to praise the flagship cryptocurrency Bitcoin. Once again he did not disappoint as BTC was the center of the discussion in his latest media appearance.
Bitcoin goes to $1 million
In a interview Joining CNBC, Michael Saylor stated that Bitcoin will go to $1 million if it doesn’t go to “zero.” He noted that the “big question” regarding BTC’s potential was whether or not the digital asset was legitimate. According to him, if Bitcoin is a “legitimate institutional asset,” then everyone is being “under-allocated to it.”
His comment about Bitcoin may reach $1 million seems to stem from his belief that Bitcoin as an asset is still untapped, as he expects many institutional players to get on board with the crypto token. He noted what 99.9% of the world’s capital currently looks like linked to other global assets such as bonds, real estate, shares and precious metals. However, it is expected that this will change soon enough.
According to him, that change will come from education about digital assets. Based on that, Saylor says more and more people will realize that they should spend more and more of their capital on digital assets. Interestingly, he labeled BTC as a “digital transformation of capital,” referring to its disruptive nature.
These institutional players could allocate a larger share of their capital to BTC as early as 2024. The new rule of the Financial Accounting Standards Board (FASB) recently opened the door for companies to include cryptocurrencies like Bitcoin on their balance sheets. As such, we could see other tech companies adopt it Microstrategy’s “Bitcoin Strategy.”
BTC price reclaims $43,000 | Source: BTCUSD on Tradingview.com
BTC advances in 2024
Saylor also discussed several macro factors that he considers bullish for Bitcoin entering the new year. These factors include the potential approval of a Spot Bitcoin ETFthe easing of monetary policy and the wider acceptance of BTC countries suffering from inflation.
He also referred to the BTC Halving event, which he also believes is bullish for the Bitcoin ecosystem. All these factors represent a “confluence of very bullish milestones” that Saylor predicts will occur over the next six months.
Saylor will undoubtedly be fulfilled when his company’s Bitcoin strategy will be successful, as Microstarategy is currently making profits with its Bitcoin acquisitions. The company’s shares are also flying high as they recently hit a two-year high, thanks in part to its BTC exposure.
At the time of writing, BTC is currently trading around $43,000, up over 4% in the last 24 hours. facts from CoinMarketCap.
Featured image from Yahoo Finance, chart from Tradingview.com
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