In the crypto market, few voices carry as much weight as that of Michael Saylor, the CEO of MicroStrategy. Renowned for his bullish stance on Bitcoin (BTC), Michael Saylor has once again captured the attention of the financial world with his latest prediction—a forecast that envisions an exponential surge in BTC demand and anticipates a remarkable 10X growth within the next 12 months.
MicroStrategy’s Michael Saylor makes a bold BTC call
As the Bitcoin price halving approaches in a matter of months, Michael Saylor, co-founder of MicroStrategy and a Bitcoin enthusiast, predicts that by the end of 2024, the demand for BTC could increase by a factor of ten (10X).
Michael Saylor was asked, during his November 10 speech at the 2023 Australia Crypto Convention, to provide his prediction regarding the trajectory of Bitcoin and its ecosystem in the forthcoming four to five years.
Saylor initially provided an overview of the time span from 2020 to 2024, highlighting the transformation of Bitcoin from an “offshore unregulated asset” to a “mainstream institutional application.”
MichaeSaylor, focusing on the near future, predicted that Bitcoin would become a “mainstream asset for adolescents” by the end of 2024. He elaborated on the following supply and demand dynamics that will soon become significant:
I think that this next 12 months is going to be a big. Because demand [on a monthly basis] should double or triple or maybe go up by a factor of 10, anywhere from two to 10. […] and the supply available for sale will be cut in half in April.
Michael Saylor
Michael Saylor went on to say that instead of a billion dollars of Bitcoin available each month for miners, it will be half a billion. It’s quite unusual to move from a supply and demand balance of perhaps $15 billion of organic demand to $12 billion of organic supply. What happens when one doubles and the other half-cuts? The price is going to rise.
Michael Saylor predicted that Bitcoin will remain in a high-growth stage from 2024 to 2028 as acceptance grows beyond the huge IT industry and mega banks around the world, with both sectors integrating Bitcoin into their products and services.
Saylor also predicted a lot of competition among corporations like Apple and Meta (Facebook) to get their hands on BTC to eventually sell for huge profits.
You’re going to have ferocious competition and will among Wall Streeters to get the most asset share and you’re going to have crypto exchanges competing and you’re going to have other tech companies getting involved. […] That’ll be one check.
The other check will be when the big mega banks or Bitcoin custodians with JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, and, you know […] when they’re making loans and giving mortgages and customizing it and buying and selling it. I think that’ll be the second check.
Michael Saylor
Why is the crypto market up today
Without a shadow of a doubt, the market bull rally is here, and MicroStrategy is benefiting heavily. MicroStrategy currently manages over 158,400 BTC, and the company was up approximately $900 million on its investment as of November 2. The overall crypto market is up. Here’s why:
On November 9, BlackRock confirmed its plans for a spot Ether exchange-traded fund (ETF) in a 19b-4 form filing to the United States Securities and Exchange Commission (SEC). Following the confirmation, the price of Ether increased by 12.2%, outperforming Bitcoin for the first time in months.
The possibility of BlackRock entering the Ether market implies that institutional investors are getting increasingly interested in the crypto industry. Institutional participation in the crypto market could result in a massive flood of capital into the Ether market, driving up prices even further.
Institutional investors are not the only ones who are bullish on the crypto industry. The Bitcoin Fear & Greed Index shows that retail mood has improved, with a 23-point improvement over the last month.
