Michael Saylor predicts Bitcoin will reach $350,000 in 2024 due to increased institutional interest and Bitcoin's limited supply.
MicroStrategy, led by Saylor, holds 174,530 Bitcoins, acquired at an average of $30,252, generating over $2 billion in profit.
A survey by Saylor shows strong community belief in Bitcoin's potential, with many planning to sell only at $1,000,000 or never.
The recent prediction made by MicroStrategy CEO Michael Saylor has sparked discussions in the bitcoin market. He predicts that in 2024, Bitcoin will rise to $350,000.
Factors Behind the Bold Prediction
Saylor's outlook is not based on pure guesswork. He cites two important factors which are institutional investors' increased interest in Bitcoin and its restricted supply. Saylor thinks that the fact that there are only 21 million Bitcoins available and that more organizations are adopting will increase the cryptocurrency's value.
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However, not everyone shares this bright outlook. While some investors see this as a clear opportunity to make an investment, others are cautious, questioning whether such a price is indeed achievable.
MicroStrategy's massive Bitcoin holdings
MicroStrategy, which is under Saylor's leadership, has been a significant player in the Bitcoin business. Since August 2020, the company has acquired a staggering 174,530 Bitcoins at an average purchase price of $30,252.
As of November 30th, these holdings had generated a profit of more than $2 billion. The deliberate decision has positioned MicroStrategy as one of the world's major Bitcoin holders, strengthening Saylor's influence in the crypto space.
The cryptocurrency community's response
Saylor has also been connecting with the crypto community via social media, seeking advice on the best moment to sell Bitcoin. A recent survey he conducted drew a lot of attention, with many participants stating that they intend to keep their Bitcoin until it reaches considerably higher prices.
Additionally, the most common response was to sell only when Bitcoin reaches '$1,000,000 or never,' demonstrating the community's great conviction in the cryptocurrency's potential.
Michael Saylor's projections highlight Bitcoin's increasing importance in the global financial environment. As Bitcoin gains popularity among institutions and investors, its potential as an investment and a hedge against volatility becomes apparent.
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