The founder and executive chairman of software firm Strategy, Michael Saylor, believes Bitcoin (BTC) could skyrocket to a seven-figure price.
In a new Bloomberg interview, Saylor says Bitcoin could explode by around 815% from the current level.
According to Saylor, the boom-and-bust cycles associated with Bitcoin will no longer be experienced.
“Winter’s not coming back. We’re past that phase. Bitcoin’s not going to zero, it’s going to $1 million.”
The Strategy founder says his bullish thesis for Bitcoin is informed by the fact that Bitcoin has now been embraced by the US government and banks, as well as increasing demand.
“…the President of the United States has determined he supports Bitcoin. The cabinet supports Bitcoin, [U.S. Treasury Secretary] Scott Bessent supports Bitcoin, [U.S. Securities and Exchange Commission chair] Paul Atkins has shown himself to be an enthusiastic believer of Bitcoin and digital assets, [Commodity Futures Trading Commission chair nominee Brian] Quintenz at CFTC feels the same way.
The banks are going to custody Bitcoin. Bitcoin has gotten through its riskiest period, the accounting has been corrected.
There’s now only 450 Bitcoin a day available for sale by natural sellers, that’s the miners. At this level, that works out to about $50 million of Bitcoin available for sale every day. If that $50 million is bought, then the price has got to move up to find any seller that’s price sensitive.”
Bitcoin is trading at $109,260 at time of writing.
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