Michael Saylor names conditions for tenfold growth of bitcoin

Майкл Дж. Сейлор" href="https://noworries.news/biography/majkl-dzh-sejlor/" data-bio-id="3672">Michael Saylor, CEO of MicroStrategy, has revealed what factors can lead to a tenfold increase in the price of bitcoin in the short and medium term. More details were reported by CoinDesk journalists with reference to an interview with the investor.

According to the head of MicroStrategy, in the near future, market participants may face a simultaneous decrease in the supply of BTC $65,755.33 Bitcoin -0.33% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion and an increase in demand for it. This is due to the upcoming halving expected in April 2024. According to Sailor, miners are currently selling $ 1 billion worth of the flagship cryptocurrency every month. Next year, this figure will be halved, and demand will increase due to the arrival of institutional players.

Saylor also reminded that the US will soon introduce new rules for accounting for bitcoins on the balance sheet of companies. In his opinion, this will allow large corporations to keep digital assets on their accounts and correctly reflect their book value.

The head of MicroStrategy also touched upon the trial of Сем Бенкман-Фрід" href="https://noworries.news/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried, the head of the FTX exchange that went bankrupt in November 2022. According to Sailor, the cryptocurrency market needs to get rid of such market participants in order to develop further. The investor also mentioned that most cryptocurrency tokens should disappear. «As soon as the industry stops paying attention to small coins that only distract market participants, we will grow 10 times from current levels,» said Saylor.

At the end of October, amid the sharp growth of the cryptocurrency market, MicroStrategy’s trading position in BTC became profitable. The company started buying the digital currency more than three years ago, but has been at a loss for a long time. Michael Saylor, the former CEO of MicroStrategy and now the chairman of the board of directors, is considered one of the most famous bitcoin enthusiasts and continues to actively accumulate coins. Only once, in December 2022, the company sold 708 bitcoins worth $ 11 million.

It is worth noting that according to the former CEO of BitMEX, Arthur Hayes, there is only one problem that can kill bitcoin. As Hayes explained, institutional custody of the market leader could turn it from an instrument of financial freedom into an institutionalized asset, thus defeating its main purpose. The idea of bitcoin from the very beginning was decentralization — a financial system that functions without any centralized authority. «The encroachment on institutional interests, especially the potential approval of spot bitcoin ETFs, could be a double-edged sword,» the analyst emphasized.