Michael Saylor of MicroStrategy predicts that institutions will compete for dwindling Bitcoin supplies until 2034, as by that time, 99% of all bitcoins will have been mined. According to him, this situation will kickstart a decade-long "golden rush" for Bitcoin, fueled by the introduction of spot bitcoin ETFs, which will contribute to institutional adoption of this cryptocurrency.
Bitcoin Gold Rush Fueled by Spot ETFs
According to Saylor, speaking at the Bitcoin Atlantis conference on March 1, the launch of spot bitcoin ETFs has ushered in an era of high institutional interest in Bitcoin, representing a period of intense accumulation. "We're at the beginning of a ten-year Bitcoin gold rush that started in January 2024 and will last until November 2034," said Saylor, adding that 2035 will mark a transition to a "growth phase" for Bitcoin.
Currently, approximately 93.5% of the maximum 21 million bitcoins have been mined, according to Buy Bitcoin Worldwide. Saylor expects spot bitcoin ETFs to serve as a distribution channel for a wider spectrum of investors, leading to further demand for bitcoins as banks and institutional players begin to streamline trading with this cryptocurrency.
AI as a Driver of Bitcoin Demand
Saylor also argues that Bitcoin plays a crucial role in securing the internet in an era of growing artificial intelligence (AI) influence. According to him, Bitcoin will be essential for cryptographic signing and verifying digital content, leading to further increased demand. "If you want to create an AI version of yourself and have it live forever on the internet, you better give it some Bitcoin," explained Saylor, hinting at future demand for bitcoins from the autonomous artificial intelligence sector.
Bitcoin and Environmental Issues
Saylor also predicts that as Bitcoin becomes more energy-efficient, the attention of politicians and environmental activists will shift towards the energy demands of autonomous artificial intelligence. He assumes that AI will face similar concerns about energy consumption that Bitcoin has faced in the past.
Rise in Bitcoin Demand from Nation States
Investment strategist Lyn Alden pointed out at the same panel discussion the potential increase in demand for bitcoins due to its adoption by nation states. She argues that bitcoin financial centers may attract capital in the long term to countries that adopt BTC. On the other hand, countries deciding to restrict or ban Bitcoin may lose investment opportunities in the long run.
Capital Controls and Bitcoin Adoption
Lawrence Lepard, a bitcoin advocate, emphasized that repressive regimes with capital controls often unintentionally promote Bitcoin adoption. An example is the situation in Nigeria, where despite government bans, Bitcoin and cryptocurrencies are experiencing high volumes of peer-to-peer trading.
Overall, Saylor and other panelists see the future of Bitcoin tied to the growth of artificial intelligence and gradual adoption by nation states, which could lead to long-term growth in its value and significance.
$BTC
#Saylor #BTC #Bitcoin

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

MicroStrategy's founder Michael Saylor predicts that the banking crisis will have a positive impact on Bitcoin. In an interview on the David Lin Report, Saylor highlighted the cryptocurrency's appeal to "smart money" amid the ongoing currency and banking turmoil. As trust erodes in traditional monetary systems worldwide, including the U.S. and Western Europe, Saylor asserts that the attractiveness of "commodity monies" like gold and Bitcoin is increasing. With its digital nature, portability, and scarcity, Bitcoin emerges as the superior form of commodity money, gaining recognition as the apex currency.

#Binance #crypto2023 #BTC #Saylor #MicroStrategy

A new filing with the U.S. Securities and Exchange Commission (SEC) reveals that a court has ruled in favor of Michael Saylor in a civil lawsuit lodged against the popular #Bitcoin (BTC) bull. 

#SEC documents show that in August, the Office of the Attorney General for the District of Columbia filed a civil complaint accusing Saylor of violating the False Claims Act and not paying his personal income taxes amounting to more than $25 million.

The complaint also names MicroStrategy as a defendant, alleging that the largest corporate owner of Bitcoin conspired with Saylor to assist the #BTC firebrand to evade tax payments.

The SEC filing signed by MicroStrategy senior executive vice president and general counsel W. Ming Shao reads,

“The District’s complaint sought, among other relief, monetary damages under the District’s False Claims Act for the alleged failure of Mr. #Saylor to pay personal income taxes to the District over a number of years together with penalties, interest, and treble damages.”

In October of last year, the defendants filed a motion to dismiss the complaint.

In a February 28th ruling, the court threw out the charge that both MicroStrategy and Michael Saylor violated the False Claims Act. 

“The court ruled on Defendants’ motion to dismiss the complaint, dismissing the sole claim against the [MicroStrategy], which alleged that Mr. Saylor and #MicroStrategy conspired to violate the District’s False Claims Act, as well as a claim against Mr. Saylor, alleging that Mr. Saylor violated the District’s False Claims Act.

However, the charge accusing Saylor of committing tax fraud still stands.

“The court did not dismiss claims against Mr. Saylor alleging that Mr. Saylor failed to pay personal income taxes, interest and penalties due. A status conference in the case is scheduled for March 10, 2023. The final outcome of this matter is not presently determinable.”