Key Takeaways
- Michael Saylor predicts bitcoin could reach $1 million due to limited supply and increased adoption.
- Strategy has accumulated 582,000 bitcoins, influencing market dynamics.
- Support from figures like Donald Trump and institutions like BlackRock highlights growing acceptance of bitcoin.
Saylor’s optimistic outlook
Michael Saylor, CEO of Strategy, has dismissed concerns of a return to a bitcoin market winter, arguing that increased adoption and daily supply constraints suggest bitcoin could surge to $1 million.
Speaking to Bloomberg, Saylor stated, “Winter is not coming back,” emphasizing that if bitcoin isn’t going to zero, it is set to reach $1 million.
Limited supply
Saylor estimates that approximately 450 bitcoins are available for sale daily by miners, valued at about $50 million.
He argues that purchasing this daily supply will inevitably drive prices up. Strategy has accumulated 582,000 bitcoins since 2020, worth about $63.85 billion, further influencing the market dynamics.
Support
Saylor highlights support from figures like US President Donald Trump and traditional banks preparing to offer bitcoin custody services as evidence of bitcoin’s growing acceptance.
He notes:
Bitcoin has gotten through its riskiest period.
Moreover, institutions like BlackRock are actively buying bitcoin, and nation-states are beginning to establish strategic reserves.
Potential risks
While optimistic, Saylor acknowledges that a dramatic increase in bitcoin’s price could lead to significant volatility, with potential crashes if it reaches high valuations like $500,000 to $1 million.
Nevertheless, Saylor remains confident in bitcoin’s long-term trajectory, supported by recent policy changes and institutional interest.
