With the Bitcoin halving just months away, MicroStrategy co-founder and Bitcoin bull Michael Saylor believes demand for BTC could increase 10x by the end of 2024.
Saylor said during a speech at the 2023 Australian Cryptocurrency Conference on November 10 ask Giving his outlook for Bitcoin and its ecosystem over the next four to five years.
In response, Thaler initially outlined the period from 2020 to 2024, noting that Bitcoin went from being viewed as an “offshore unregulated asset” to an “institutionalized mainstream application.”
Focusing on the near term, Saylor said BTC will “become a mainstream teen asset by the end of 2024,” highlighting the key dynamics around supply and demand that will come into play:
“I think the next 12 months are going to be an important period. Because demand (on a monthly basis) should double or triple, or maybe 10 times, anywhere from 2 to 10 times. (…) and The supply available for sale will be reduced by half in April.”
“So instead of $1 billion in bitcoins available to miners per month, it’s $500 million. Organic demand could reach $15 billion and organic supply could reach $12 billion, which is unprecedented. When one doubles, the other What will happen at a halving? Prices will go up,” he added.
Saylor went on to describe Bitcoin’s next 12 months as its “coming out party,” as the asset graduates from “college” and enters the real world.
Looking forward to 2024 to 2028, Saylor predicts that Bitcoin will continue to be in a high-growth stage with widespread adoption by the world’s largest technology industries and large banks, both of which integrate Bitcoin into their products and services.
Saylor also said that he expects fierce competition between companies such as Apple and Meta (Facebook) to grab BTC and eventually sell it for huge profits.
“Wall Street guys are going to be competing fiercely for the largest share of the assets, cryptocurrency exchanges are going to be competing, other tech companies are going to be in the mix. (…) That’s going to be a check.”
“Another check would be when the big banks or Bitcoin custodians work with JPMorgan Chase, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank and, you know (…) when they originate loans and offer mortgages and custom It and buy and sell it. I think it will be the second inspection,” he added.
Looking further into the future, roughly 25 years in the future, Thaler outlined some lofty predictions for Bitcoin’s future, emphasizing that Bitcoin will knock any other quality asset out of the water.
“When it reaches its terminal growth rate, maybe in 20 years, maybe in 25 years, or it’s going to grow or compound twice as fast as the S&P 500 or any other diversified portfolio of high-quality assets you can buy” , he added:
“So if you think about it this way, you say, okay (…) now we’re going to double, we’re going to double again, we’re going to double again, we’re going to double again, and the coin will continue to grow to $1 million each, $2 million each, $5 million each, $10 million each.”
MicroStrategy currently holds approximately 158,400 BTC, and as of November 2, the company’s investment volume increased by approximately $900 million.
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