One of the biggest crypto advocates and MicroStrategy’s co-founder, Michael Saylor, recently shared his optimistic outlook on Bitcoin’s future during a CNBC interview.
In a market filled with uncertainty, Saylor’s confidence in Bitcoin’s trajectory for 2024 and his bold statement, “If Bitcoin’s not going to zero, it’s going to a million,” has stirred the crypto community.
Building a Safe Strategy
Saylor emphasized the reliability of a strategy centred around Bitcoin, especially for institutional investors.
Despite the unpredictable nature of the broader crypto ecosystem, he believes that Bitcoin stands out as a secure choice, providing a stable foundation for institutions navigating the dynamic digital asset landscape.
Regulatory Developments and Transparency
The interview touched upon the recent regulatory changes proposed by the Financial Accounting Standards Board (FASB), requiring companies to account for cryptocurrencies like Bitcoin at fair value.
Saylor welcomed these developments, citing them as a positive step towards transparency and legitimacy for companies holding Bitcoin. He sees the regulatory shift as an opportunity for publicly traded firms to consider Bitcoin a legitimate asset for their treasury reserves.
Digital Capital Transformation and Adoption
Saylor articulated a compelling vision of Bitcoin as a catalyst for the digital transformation of capital. With most of the world’s capital tied up in traditional forms such as real estate, stocks, and precious metals, he sees Bitcoin as representing just 0.1% of this capital. As awareness about digital assets grows, Saylor expects more and more capital to enter the digital asset space.
Addressing the recent surge in Bitcoin prices, Saylor attributed the positive momentum to a combination of factors. These include the potential approval of a spot Bitcoin exchange-traded fund (ETF), loose monetary policies, and the global impact of inflation. Saylor believes that inflation anywhere in the world plays a significant role in the adoption of Bitcoin. Additionally, he highlighted the upcoming Bitcoin halving event, which will decrease the available Bitcoin supply and create bullish momentum in the market.
MicroStrategy’s Bitcoin Journey
Under Saylor’s guidance, MicroStrategy started investing in Bitcoin in August 2020. As of November 30, 2023, the company holds 174,530 Bitcoins, acquired at an average cost of $30,252 per Bitcoin. This substantial investment shows Saylor’s confidence in Bitcoin as a long-term asset.
Michael Saylor’s optimistic outlook and bold predictions for Bitcoin’s future showcase the growing confidence of institutional players in the crypto space. As regulatory clarity improves and awareness about digital assets increases, Bitcoin plays a significant role in bringing adoption for digital assets from other financial markets.