Bitcoin Demand to Surge 10X in the Next 12 Months: Michael Saylor
- Michael Saylor said that Bitcoin will turn into an “adolescent mainstream asset by the end of 2024.”
- The MicroStrategy executive expects the demand for BTC to grow ten times in the coming 12 months.
- He said that in 12 months it would be more like a “coming out party” for BTC as it graduates from “college.”
- MicroStrategy purchased an additional 155 BTC in October and now holds 158,400 BTC.
Michael Saylor, the former CEO and Executive Chairman of MicroStrategy, a provider of enterprise analytics and mobility software and services based in the United States, has predicted a bullish future for Bitcoin (BTC), the world’s largest digital asset. As per a statement, the executive expects the demand for BTC to grow ten times in the coming twelve months.
In a speech at the 2023 Australia Crypto Convention on November 10, Saylor was asked to provide an outlook for Bitcoin in the upcoming four to five years. In his response, the MicroStrategy executive provided an insight on how the leading digital asset went from being seen as an “offshore unregulated asset” to an “institutionalized mainstream app” between 2020 and 2024.
Saylor said that following the Bitcoin halving, the digital asset will turn into an “adolescent mainstream asset by the end of 2024,” while adding:
“I think that this next 12 months is going to be a big. Because demand [on a monthly basis] should double or triple or maybe go up by a factor of 10, anywhere from two to 10. […] and the supply available for sale will be cut in half in April.”
Saylor added that the next 12 months would be more like a “coming out party” for Bitcoin as the virtual currency graduates from “college” and heads out into the real world. Additionally, the executive predicted that between 2024 and 2028, the leading digital asset will be in a high-growth phase, with the big tech industry and mega banks worldwide integrating BTC.
“So instead of a billion dollars of Bitcoin available for miners each month, it will be half a billion. It’s pretty unprecedented that you would go from a supply and demand balance of maybe $15 billion of organic demand and $12 billion of organic supply. What happens when one doubles, and the other one cuts in half ? the price is going to adjust up,” he added.
Further, Saylor noted that “the other check will be when the big mega banks or Bitcoin custodians with JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, and, you know […] when they’re making loans and giving mortgages and customising it and buying and selling it. I think that’ll be the second check.”
As reported earlier by Bitnation, Saylor recently said that one “can never have too much Bitcoin” as MicroStrategy purchased an additional 155 BTC in October and now holds 158,400 BTC.