In the wake of Bitcoin’s recent surge, MicroStrategy founder Michael Saylor has made bold predictions, forecasting a veritable “gold rush” for the leading cryptocurrency that could extend until 2034.
Saylor’s remarks come amidst a backdrop of heightened institutional interest and increasing adoption of Bitcoin as a digital store of value. Speaking during the recently concluded Bitcoin Atlantis conference, Saylor noted that spot Bitcoin ETFs have catalyzed a rapid uptake of digital gold among institutional investors. He asserted that this trend will be further propelled by the expansion of autonomous artificial intelligence, envisioning a transformative phase for Bitcoin from January 2024 to November 2034.
“We have entered the era of the Bitcoin gold rush. It started in January 2024 and will last until approximately November 2034,” said Saylor.
Saylor further suggested that as miners approach mining 99% of all Bitcoin, the cryptocurrency will enter a new growth phase. Currently, data from Bitcoin Treasuries indicates that approximately 93.5% of Bitcoin has been mined, leaving just a fraction to be discovered.
The founder of MicroStrategy also highlighted the evolving landscape of Bitcoin investment, noting that while presently only 10-20% of managers are engaged in ETFs as a distribution channel, this figure is expected to approach 100% as barriers to entry diminish. He also revealed he anticipates a surge in investment inflows, with institutions poised to allocate significant sums into Bitcoin within short periods.
Saylor also expressed confidence in Bitcoin’s potential to surpass traditional assets like gold and even prominent indices like the S&P 500 ETF, driven by increasing demand from clients and institutions. He emphasized Bitcoin’s role in securing the internet, citing its utility in timestamping, watermarking, and cryptographic data signing, all bolstered by advancements in artificial intelligence.
Furthermore, Saylor predicted a symbiotic relationship between Bitcoin and AI, suggesting that AI projects may require Bitcoin as a form of digital energy for sustainability. He anticipates a shift towards renewable energy sources to address concerns regarding Bitcoin’s energy consumption, paralleling the broader global trend towards sustainability.
Saylor’s remarks echo recent market movements, as Bitcoin’s price soared to over $68,000 on Monday. The cryptocurrency’s market capitalization surpassed $1.3 trillion, underscoring its growing prominence in the global financial landscape.
Bitcoin traded at 68,933 at press time after a 5.53% surge over the past 24 hours. Notably, its daily trading volume has spiked by roughly 110% in the same period.
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