Michael Saylor, one of bitcoin’s most ardent supporters, restated his belief that the digital asset is a superior financial instrument to gold. Despite the continuing crypto winter and the many naysayers who predict BTC’s price would plummet to zero, he believes the commodity will rise to $1,000,000.
Michael Saylor, the Co-Founder and CEO of MicroStrategy, is one of the most outspoken supporters of the major cryptocurrency. He has emphasized its benefits in recent years, including its ability to operate as an inflation hedge. Despite the fact that BTC is currently trading at a discount to its all-time highs from last year, Saylor remains bullish on the cryptocurrency.
In an interview with CNBC, he said that the stock’s short-term volatility is unimportant since it will outperform in the long run. The crypto community, he believes, is divided into “deniers,” “skeptics,” and “bitcoin enthusiasts.” The first two argue that the asset is either fake or that the government will outlaw it sooner or later.
They’re both wrong, according to Saylor. Instead of disappearing or crashing to zero, BTC would rise to $1 million, he said.
According to the American, bitcoin is “unique” because no other network in the world has its degree of adoption or security.
- “It’s obviously better than gold and everything that gold wants to be,” he maintained.
Senators Cynthia Lummis and Kirsten Gillibrand submitted a crypto-friendly regulation bill earlier this week, which the CEO mentioned. The legislation, he claims, understands bitcoin’s future potential. It will demonstrate to the rest of society that digital assets are a “real thing that is going to be with us” if it is adopted.
Saylor made a similar forecast about bitcoin a few weeks ago, predicting that it would surpass the $1 million mark in the future:
- “There’s no price target. I expect we’ll be buying bitcoin at the local top forever. And I expect Bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money.”
MicroStrategy began amassing pieces of the top digital asset to its corporate balance sheet in August 2020, when it began interacting with it. The business continued to buy Bitcoin and now owns approximately 130,000 BTC. According to Saylor’s earlier statements, the company has no plans to sell its assets and instead plans to acquire more.
