The price of the biggest digital coin may have taken a hit in recent weeks—but Bitcoin preacher Michael Saylor is not backing down with his bullish predictions. On Monday, the tech entrepreneur said he thinks the asset will rise up to a price of $13 million per coin over a 21-year period.
MicroStrategy (NASDAQ: MSTR) is the largest public holder of Bitcoin, now owning more than 1% of the total supply of BTC that will ever be created. Saylor, the firm’s co-founder and chairman, constantly tries to persuade other companies to adopt the firm’s crypto accumulation strategy of buying and holding the biggest virtual coin.
“My long-term forecast is that [Bitcoin’s] going to go to $13 million over 21 years,” he said on CNBC Monday. “Bitcoin is 0.1% of the capital in the world right now—I think it’s going to go to 7% of the capital.”
MicroStrategy started buying Bitcoin back in 2020 in what it framed as a move to get the best return for shareholders. Saylor claimed that large piles of cash were losing value for investors and that Bitcoin was the ultimate investment. Bitcoin was valued at less than $12,000 per coin on the date the acquisition was announced.
The move appears to be paying off: MicroStrategy’s stock has since exploded upwards, becoming a way for investors to get exposure to the cryptocurrency without buying it themselves. That was especially true before the approval of spot Bitcoin exchange-traded funds (ETFs) back in January, but the stock continued to gain after that point.
The company, which sells data-analyzing software and is also building on Bitcoin tech, currently holds 226,500 Bitcoins worth $12.8 billion at today’s price of $56,576 per coin.
Software company MicroStrategy’s stock is booming as the publicly listed firm continues to snap up Bitcoin at a rapid rate.
MicroStrategy—which trades on the Nasdaq under the ticker MSTR—was trading for as much as $1,610 per share on Monday. That represented a rise of nearly 14% over the previous 24 hours. Even though it has since settled to $1,484 as of this writing—a more modest 4% one-day gain—the stock is still up 106% for the month.
More impressively, since the company started its Bitcoin...
The MicroStrategy co-founder also said in the CNBC interview that the Republican party is the more progressive political movement when it comes to crypto policy.
Crypto policy is a hot topic for the upcoming U.S. presidential elections. Republican frontrunner Donald Trump has taken a pro-Bitcoin stance despite previously being critical of the leading cryptocurrency in the past. Democratic candidate Kamala Harris has said little about the industry, and did not include crypto in her policy positions posted to her website over the weekend.
“The political winds have shifted and I would say at this point, the Republicans have shifted to way progressive and the Democrats are drifting to the middle in terms of their view toward crypto and Bitcoin,” Saylor said.
Top college football prospect Matai Tagoa’i is set to join football stars like Russell Okung, Odell Beckham Jr., and Trevor Lawrence by receiving his compensation in Bitcoin.
The linebacker will be paid part of his earnings via the Strike app after signing a “name, image, and likeness” (NIL) deal with the University of Southern California (USC).
The exact details of his package are not known, but some college football players, such as Shedeur Sanders, have received estimated payouts of up to $4....
The world’s largest asset manager BlackRock just debuted a new advertisement proselytizing the virtues of Bitcoin, but rather than cheer on the Bitcoin ETF issuer for its efforts, Bitcoiners aren’t happy.
The video, which is housed on the iShares Bitcoin Trust (IBIT) ETF page on BlackRock’s website, spends three minutes walking viewers through the evolution of money and key fundamentals of Bitcoin.
One of those fundamentals is Bitcoin’s 21 million fixed token supply.
While the video explains t...
El Salvador may have reached a deal with the International Monetary Fund that will see the tiny country scale back its Bitcoin law—but it’s still going to “HODL.” And it might even step up its BTC buys.
That’s according to Stacy Herbert, the head of El Salvador’s National Bitcoin Office, who wrote on X (formerly known as Twitter) Thursday that the country may even continue buying the cryptocurrency at an “accelerated pace” going forward.
El Salvador in 2021 made Bitcoin legal tender along with...
