Source | BITCOINIST
Editor | Cat Brother Wu talks about blockchain
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Original link:
https://bitcoinist.com/michael-saylor-21-bitcoin-hodl-8-million-price/
At the recent BTC Prague conference, MicroStrategy Executive Chairman Michael Saylor attracted the attention of attendees with his keynote speech. He predicted that the price of Bitcoin will surge significantly, possibly reaching $8 million per coin. This assertion was part of his broader speech on "21 Rules for Bitcoin", which outlined strategies for managing and maintaining investments in a highly volatile environment. As of June 20, 2024, MicroStrategy holds 226,331 BTC at an average price of $36,798.
1. Those who understand Bitcoin buy Bitcoin. Those who don’t criticize Bitcoin.
Those who understand buy Bitcoin, and those who don’t criticize Bitcoin.
Saylor believes recognizing Bitcoin’s potential is like seeing a paradigm shift before it fully unfolds.
2. Everyone is against Bitcoin before they are for it.
Before everyone supported Bitcoin, everyone was against it.
Reflecting on his initial dismissive attitude in 2013, Saylor recalls how his views evolved as Bitcoin’s resilience and potential became increasingly apparent. His personal journey from skepticism to support highlights a common path for investors, who often move from skepticism to strong support.
3. You know you grasp Bitcoin when you know you’ll never fully understand Bitcoin. You’ll never be done learning about Bitcoin.
You’ve truly mastered Bitcoin when you know you’ll never fully understand it. You’ll never stop learning about Bitcoin.
Saylor highlighted the complex and evolving nature of cryptocurrencies. He argued that Bitcoin’s intersection with global economic, technological, and regulatory frameworks makes it an ever-relevant research topic.
4. Bitcoin is powered by chaos.
Bitcoin is driven by chaos.
Through historical analogies, Saylor highlighted moments of major upheaval, such as World War II and the rise of communism in Europe, to illustrate Bitcoin’s value as a non-geopolitical, stable store of wealth. “Buy BTC because entropy is guaranteed,” he asserted, suggesting that Bitcoin provides a safe haven during times of chaos.
5. Bitcoin is the only game in the casino where we can all win.
Bitcoin is the only game in the casino where we can all win.
According to Saylor, Bitcoin offers a level playing field relative to the traditional financial system, which he believes is inherently disadvantageous to ordinary people. “Bitcoin is the only game in the casino that we can all win,” he noted, positioning it as a uniquely fair and transparent financial instrument.
6. Bitcoin won’t protect you if you don’t wear the armor.
If you don’t wear armor, Bitcoin won’t protect you.
He recommends an active approach to investing, a metaphor used to encourage large and thoughtful investments in Bitcoin to secure one’s financial future.
7. Bitcoin is the one thing in the universe that you can truly own.
Bitcoin is the only thing in the universe that you can truly own.
Saylor passionately argues that Bitcoin enables a form of ownership that is unmediated by any third party: “The cryptographic keys in your head are your wealth.” This, he claims, is a radical shift from the way assets have been controlled and protected historically.
8. Everyone gets Bitcoin at the price they deserve.
Everyone gets Bitcoin at the price they deserve.
Reflecting on the volatility and growth trajectory, Saylor shared a personal anecdote about how he despised Bitcoin when it was at $892, only to make his first purchase at $9,500. “Everyone gets Bitcoin at the price they deserve,” he commented. “He said when Bitcoin was at $950,000, people would try to wait for it to drop to $700,000. Then Bitcoin would go to $8 million.”
9. Only buy Bitcoin with the money you can’t afford to lose.
Only buy Bitcoin with money you can afford to lose.
Saylor’s advice to only invest money you can afford to lose emphasizes a conservative approach when adopting new financial technologies. This rule highlights the balance between forward-looking investing and financial prudence.
10. Tickets to escape the matrix are priced in Bitcoin.
Tickets to escape the Matrix are priced in Bitcoin.
Describing fiat currencies and traditional economic indicators as a “matrix,” Saylor promotes Bitcoin as a means to transcend the traditional financial system. He sees it as more than just a technology, but a way to liberate from the restrictive narratives imposed by traditional economic structures.
11. Bitcoin insight is restricted to those who need to know.
Insight into Bitcoin is limited to those who need to know.
Saylor shared personal experience of the profound impact Bitcoin had on his company’s financial stability. “Without Bitcoin, MSTR would have failed,” he revealed, illustrating the direct impact that strategic Bitcoin investments had on the company’s finances.
12. All your models will be destroyed.
All your models will be destroyed.
Saylor forecasts a conservative 24% compound annual growth rate over the next decade, setting a potential valuation benchmark that underscores his confidence in Bitcoin’s continued growth. Notably, the price of Bitcoin will reach $600,000 by 2034.
13. The cure for the economic ill is the orange pill.
The antidote to our economic problems is the orange pill.
Saylor believes the current economic system is flawed and sees Bitcoin as a cure for these inherent problems. “The cure for the economic disease is the orange pill,” he says, advocating it as a revolutionary technology that will completely update outdated economic practices.
14. Be for Bitcoin, not against fiat.
Be for Bitcoin, not against fiat currency.
Rather than attacking the declining fiat system, Saylor called for a proactive approach: “Be for Bitcoin, not against fiat,” emphasizing the importance of building new systems, rather than destructively opposing old ones.
15. Bitcoin is for everybody.
Bitcoin is for everyone.
He predicted that digital capital like Bitcoin could eventually represent half the value of the world economy in a yet-to-be-imagined future, which would drive its price significantly higher.
16. Learn to think in Bitcoin.
Learn to think in Bitcoin.
Saylor suggested encouraging people to change their perspective and look at future technologies and paradigms through the lens of Bitcoin, rather than trying to fit new innovations into old frameworks.
17. You don’t change Bitcoin; it changes you.
You can't change Bitcoin; it changes you.
Saylor emphasized how Bitcoin challenges individuals to rethink the way they think about money, value, and global investments.
18. Laser eyes protect you from endless lies.
Laser eyes protect you from endless lies.
Saylor stressed the importance of keeping a focus on long-term potential as Bitcoin’s market price reaches milestones such as $100,000 or $1 million. He envisions a future where Bitcoin’s market cap could rise to between $100 trillion and $500 trillion.
19. Respect Bitcoin, or it will make a clown out of you.
Respect Bitcoin or it will make you a clown.
This rule warns people not to underestimate the influence of Bitcoin or to scoff at an emerging financial technology that has solid backing and proven resilience.
20. Do not sell your Bitcoin.
Don't sell your Bitcoin.
Saylor likened selling Bitcoin to self-sabotage, suggesting it is a foundational asset for long-term financial security, like a life raft in the ocean or a fire in the winter.
21. Spread Bitcoin with love.
Spread Bitcoin with love.
He stressed the importance of patience and kindness when promoting Bitcoin, especially with those who are initially critical or skeptical of its benefits.
