- Michael Saylor believes Bitcoin will rise to US$13 million in the next 20 years.
- Saylor encouraged companies to accrue and hold BTC, as its share of global capital could rise from 0.1% to 7%.
- The entrepreneur also stated that Republicans are more progressive than Democrats on crypto issues.
Despite Bitcoin’s recent downfall to US$53K (AU$79.6K) and the crypto market’s crash to under US$2 trillion (AU$3 trillion) this week, MicroStrategy’s Chairman and founder Michael Saylor believes Bitcoin (BTC) will reach US$13 million (AU$19.5 million) in the next 20 years.
Related: VanEck to Close Ethereum Strategy ETF, Reassessing Crypto Investment Approach
No Counterparty Risk
During an interview with CNBC, Saylor predicted that BTC will increase its share of global capital from 0.1% to 7%, pushing the price to US$13 million (AU$19.5 million) over the next 20 years. MicroStrategy, which began purchasing Bitcoin in August 2020, now holds approximately US$8.3 billion (AU$12.46 billion) worth of the asset.
Moreover, Saylor noted that Republicans, including former President Donald Trump, have embraced a “very pro-crypto stance”. He added that while Republicans have shifted to a more progressive position on Bitcoin, Democrats are moving toward a centrist view:
There’s no doubt the Republicans have taken a very pro-crypto stance […] Trump in particular […] At this point the Republicans have shifted to[ward] progressive and the Democrats are drifting to the middle in terms of their view toward crypto and bitcoin.
Michael Saylor During the interview, Saylor refrained from commenting on the potential role of US Securities and Exchange Commission (SEC) Chairman Gary Gensler’s in a future administration, citing it as beyond his authority.
Talking about Gensler, he’s annoyed so many people to the point that neither Democrats nor Republicans want him in charge. As CNA reported, deep-pocketed Democratic donors from tech and finance have requested VP Kamala Harris to fire Gensler and Lina Khan, the chair of the Federal Trade Commission (FTC).
Related: Ethereum Reaches Its Lowest Price In 2024 As BTC and ETH ETF Inflows Drop to New Lows
Going back to Saylor, since adopting its Bitcoin-focused strategy, MicroStrategy’s stock has surged 879%, although it has experienced a 20% decline in the past six months, mirroring Bitcoin’s recent struggles. Talking about struggles, Ethereum has also been in the red, underperforming BTC by 44% since The Merge took place.
Further, the price of ETH against BTC is at its lowest since April 2021.
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