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In a captivating keynote address delivered at the Australia Crypto Convention on November 10, 2023, Michael Saylor, the co-founder of MicroStrategy and a distinguished Bitcoin advocate, provided a comprehensive outlook on the future of Bitcoin. His projections painted a compelling narrative of an imminent 10-fold surge in demand for Bitcoin by 2024.
Reflecting on 2020-2024
Saylor’s speech commenced with a reflective journey through the years 2020 to 2024. He underscored the extraordinary transformation of Bitcoin, transitioning from an “offshore unregulated asset” to a fully “institutionalized mainstream app.” This evolution, according to Saylor, marks a significant milestone in the maturation of the cryptocurrency landscape.
In the short term, Saylor projected that Bitcoin is poised to become an “adolescent mainstream asset” by the close of 2024. He emphasized the critical role of supply and demand dynamics in steering this evolution. Saylor anticipates a substantial surge in demand for Bitcoin over the next 12 months, with the potential for exponential growth on a monthly basis. Simultaneously, he highlighted the impending halving of available supply in April, driven by the Bitcoin halving event, as a key catalyst expected to propel Bitcoin’s price to new heights.
Saylor likened the upcoming year for Bitcoin to a “coming out party,” symbolizing its graduation from the “college” phase into the real world as a mainstream asset. This analogy encapsulates the pivotal moment when Bitcoin is expected to gain broader recognition and acceptance on a global scale.
Looking ahead to the period from 2024 to 2028, Saylor foresaw sustained high-growth potential for Bitcoin. He predicted widespread adoption within the big tech industry and mega banks globally. This integration is expected to trigger heightened competition among industry giants, such as Apple and Meta (formerly Facebook), vying to acquire Bitcoin for potential profits.
Saylor hinted at the potential involvement of traditional financial institutions, including JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, and Deutsche Bank, in providing Bitcoin-related services. These services could encompass loans, mortgages, and custody, further fueling Bitcoin’s growth. The anticipated participation of these financial giants is seen as a significant catalyst for Bitcoin’s evolution into a mainstream financial instrument.
In a bold long-term outlook, Saylor projected that Bitcoin would outshine other high-quality assets, potentially reaching astronomical prices. He envisioned Bitcoin doubling, quadrupling, or surpassing these figures over time, making it a formidable investment compared to traditional assets like the S&P 500 Index.
At the time of Saylor’s address, MicroStrategy, the company he co-founded, held approximately 158,400 BTC. The firm had experienced substantial gains on its Bitcoin investment, valued at around $900 million as of November 2, 2023. Saylor’s bullish projections are not mere speculation but are backed by MicroStrategy’s confidence in Bitcoin’s future as a transformative and invaluable asset.
Michael Saylor’s visionary predictions offer a glimpse into a future where Bitcoin stands at the forefront of transformative financial evolution, solidifying its position as a mainstream and high-performing asset.
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