With the upcoming Bitcoin halving in just a few months, Michael Saylor, co-founder of MicroStrategy and well-known Bitcoin advocate, believes that demand for BTC could increase by up to 10-fold by the end of 2024.
While speaking at the Australia Crypto Convention 2023 on November 10, Saylor was asked to give his prediction for Bitcoin and the crypto ecosystem over the next four to five years.
In his response, Saylor began by providing an overview of the period between 2020 and 2024, noting that Bitcoin has now evolved from an “unregulated offshore asset” to an “institutionalized mainstream app.”
Saylor further opined that BTC will become a “mature mainstream asset” by the end of 2024, highlighting key supply and demand dynamics that he believes will soon come into play:
“I think the next 12 months will be very important. Because the demand [auf Monatsbasis] should double, triple or maybe even increase tenfold, somewhere between two and ten. […] and the supply available for sale will again be halved in April.”
“So instead of making a billion dollars of Bitcoin available to miners every month, it will only be half a billion. It’s unprecedented to deviate so drastically from a supply-demand equilibrium of perhaps $15 billion in organic demand and $12 billion in organic supply. What happens if one doubles and the other halves? The price will of course have to adjust upwards,” he added.
Speaker at the crypto conference in Melbourne. Source: Australian Crypto Convention
Saylor therefore described the next 12 months for Bitcoin as a kind of “coming out party” with which the asset “maturity tests” and goes out into the world.
Meanwhile, looking ahead to 2024 to 2028, Saylor predicted that Bitcoin will continue to be in a high-growth period as adoption spreads across the tech industry and among mega-banks worldwide, with both sectors incorporating Bitcoin into their products and services will be integrated.
In this context, Saylor also said that he expects fierce competition between companies like Apple and Meta (Facebook) to get their hands on BTC in order to then sell the cryptocurrency at a huge profit.
“There will be fierce competition and a real fight on Wall Street to see who has the biggest share [an BTC] gets, and there will be competition between crypto exchanges, and other technology companies will also take part in it. This will be the first big act.”
“The next big act will come when the big mega banks or Bitcoin custodians with JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank and so on […] when they make loans and mortgages and then buy and sell them. I think that will be the second act,” said the entrepreneur.
Looking even further into the future, Saylor outlined some bold predictions for Bitcoin’s future, emphasizing that BTC will eclipse every other high-value asset.
“When it gets to that terminal, maybe in 20 years, maybe in 25 years, it will grow twice as fast or compound twice as fast as the S&P 500 Index or any other diversified portfolio of high-quality assets that you could buy,” like the expert predicts extremely optimistically. And finally:
“So when you think about it, just say, […] now we’re going to double, after that we’re going to double again, and double again, and double again, and this cryptocurrency will continue to increase to a million dollars per coin, two million dollars per coin, five million dollars per coin, ten million dollars per coin and so on.”
MicroStrategy currently holds around 158,400 BTC, and the company had made around $900 million in profit on its investment as of November 2nd.
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