Michael Saylor – co-founder and president of business intelligence software MicroStrategy – predicted that the price of bitcoin will reach its all-time high from November 2021 (around $69,000) “over the next four years”.
Over the years, the 57-year-old entrepreneur has marketed himself as a strong supporter of the leading cryptocurrency, despite his company being the largest BTC-holding company. Earlier this week, he racked up an additional 301 coins, rounding up his entire stash to 130,000 BTC.
Huge jump for BTC in the following years
US pro-bitcoin business executive – Michael Saylor – seems unimpressed with the ongoing crypto winter. Despite the market crashing this year, he believes bitcoin will reach its all-time high of $69,000 within the next four years.
During his last interviewhe went further by predicting that the primary digital asset could trade at $500,000 over the next decade if it matched the market cap of gold:
“The logical next step for bitcoin is to replace gold as a non-sovereign asset of value.”
Despite the current significant difference between the market capitalization of the two assets (gold is around $11 trillion, while bitcoin is around $365 billion), Saylor has often given preference to the cryptocurrency .
Last year, he highlighted the merits of BTC and claims that it is 50 times better than the precious metal. This summer, he doubled down on his position, saying the asset is “obviously better than gold and whatever gold wants to be.” Instead of falling to zero (as some might predict given the recent price drop), Saylor considered it will pull up to $1 million in the years to come.
MicroStrategy continues to buy BTC
A few days ago, the company again interacted with bitcoin, spending $6 million to purchase 301 coins at an average price of $19,851 per asset. Thus, the Nasdaq-listed company’s crypto holdings jumped to 130,000 BTC.
However, due to the market crash, MicroStrategy is currently sitting on a large unrealized loss on its investment. Over the years, it has spent around $4 billion to build up its stash, while that amount is now worth around $2.5 billion.
Shares of the company have also been on a downward trend over the past few months. Last November (when the crypto market was at its peak and bitcoin was trading near $70,000), MSTR shares were worth over $800, while they are now hovering below $200 (a down 75%).