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.
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