During an exclusive interview on Monday, MicroStrategy’s Michael Saylor recently doubled down on his uber-bullish stance on Bitcoin (BTC). The tech billionaire said he thinks the asset will reach $13 million per coin over the next two decades.
Bitcoin Going To $13M
MicroStrategy Executive Chairman Michael Saylor is unfazed by Bitcoin’s recent brutal downturn, which saw the price of the benchmark crypto sinking to a seven-month low under $53K last week.
During the Sept. 9 interview with CNBC, he noted that Bitcoin will retain its 44% compound annual growth rate in the short term before that growth steadily falls by around 5% per year as the asset matures.
“My long-term forecast is that [Bitcoin’s] going to go to $13 million over 21 years,” Saylor posited. “Bitcoin is 0.1% of the capital in the world right now — I think it’s going to go to 7% of the capital.”
I enjoyed the opportunity to discuss #Bitcoin and strong, fast, smart money with @JoeSquawk, @BeckyQuick, and @AndrewRSorkin this morning,pic.twitter.com/BUXa2IZ8II
— Michael Saylor (@saylor) September 9, 2024
A price tag of $13 million would put BTC’s market cap at an eye-popping $256 trillion, or essentially ten times the present United States gross domestic product (GDP).
MicroStrategy, which recently rebranded itself as a Bitcoin development company, started purchasing BTC in August 2020, which it touted as a move to fetch the best return for shareholders. At the time, Bitcoin was trading at less than $12,000 per coin. The software intelligence company currently holds 226,500 BTC, valued at approximately $12.8 billion at today’s price of $56,811 per coin.
Saylor stated that MicroStrategy’s stock has rocketed massively, up over 800% since the inception of its Bitcoin strategy, outshining even Nvidia’s meteoric rise. With such impressive results, MicroStrategy has successfully beaten its rivals and gained a substantial edge in the entire United States equity market, Saylor added.
Saylor Says Republicans Have More Progressive Stance On Crypto
The MicroStrategy co-founder also noted in the CNBC interview that the Republican is the more progressive political party regarding crypto policy.
“There’s no doubt the Republicans have taken a very pro-crypto stance […] Trump in particular.” Saylor responded after being asked about the impact of the upcoming Presidential election on the crypto sector.
Republican nominee Donald Trump has adopted a friendly Bitcoin stance despite previously not being a fan of the premier crypto during his first term in office. Democratic presidential frontrunner Kamala Harris has said little about the fast-growing sector and did not include any takes on Bitcoin or other cryptocurrencies in her proposed policy positions for her would-be presidential administration posted to her website over the weekend.
“The political winds have shifted, and I would say at this point, the Republicans have shifted to way progressive, and the Democrats are drifting to the middle in terms of their view toward crypto and Bitcoin,” Saylor postulated.
