Strategy’s Michael Saylor has rebuffed fears that a crypto market winter will return, suggesting Bitcoin’s increased adoption and constrained daily supply will see it rally to $1 million.
“Winter is not coming back,” Saylor told Bloomberg on Tuesday. “We’re past that phase; if Bitcoin’s not going to zero, it’s going to $1 million.”
Billion-dollar asset manager ARK Invest in April raised its “bull case” Bitcoin price target from $1.5 million to $2.4 million by the end of 2030.
Once $50M in daily Bitcoin is bought, the price must rise
Saylor said that approximately 450 Bitcoin (BTC) are available for sale each day by Bitcoin miners, amounting to a value of roughly $50 million at its current price of $109,859, according to CoinMarketCap.
“If that $50 million is bought, then the price has got to move up,” Saylor said.
He added that the growing number of public companies purchasing Bitcoin are buying “the entire natural supply.” Saylor’s firm Strategy has accumulated 582,000 Bitcoin since it began purchasing in 2020, which is worth approximately $63.85 billion, according to Saylor Tracker data.
“At the current price level, it only takes $50 million to turn the entire driveshaft of the crypto economy one turn.”
However, Saylor said if Bitcoin surges to $500,000 or $1 million, it may be more realistic to forecast it “crashing down by about $200,000 a coin.”
Trump and US backing crypto another big factor
Saylor said there are enough confirmations in the wider economy to back up his all-or-nothing forecast for the asset. “You have all the evidence you need to determine that,” Saylor said.
He reiterated US President Donald Trump’s backing of Bitcoin, supported by US Treasury Secretary Scott Bessent and Securities and Exchange Commission chair Paul Atkins and noted that traditional banks are also getting ready to provide Bitcoin custody services.
“Bitcoin has gotten through its riskiest period; the accounting has been corrected,” Saylor said.
Related: Michael Saylor’s Strategy ups Bitcoin bet with $1B stock offering
While Trump has publicly supported Bitcoin, his tariffs in February were widely seen as the key catalyst behind Bitcoin’s 40% decline from its January high of $109,000.
Saylor also pointed to BlackRock and other Bitcoin exchange-traded fund (ETF) providers buying up Bitcoin daily, along with nation states “coming into the space.” On May 28, Bilal Bin Saqib, head of Pakistan’s crypto council, announced that the country is moving to establish a strategic Bitcoin reserve.
JAN3 founder Samson Mow recently told Cointelegraph Magazine that the US risks being “front-run by Pakistan” on accumulating Bitcoin if it doesn’t start acquiring Bitcoin for its Strategic Bitcoin Reserve, which Trump created in March.
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