According to Michael Saylor, CEO and co-founder of MicroStrategy, the impressive surge of Bitcoin might just be getting started.
Saylor believes that Bitcoin could soon reach a value of 8 million dollars.
But why is that? Saylor argues that this particular cryptocurrency represents a form of “perfect money.” It is anti-inflationary, making it a potential hedge against inflation.
It is a superior long-term store of value, positioning it as an alternative to physical gold.
Additionally, it is resistant to government confiscation, making it a potential safe haven asset, especially in countries with intrusive central authorities.
Bitcoin is a digital currency created by an algorithm, with distinct properties that set it apart from traditional money.
First and foremost, it has a limited supply.
Only 21 million Bitcoins can ever exist, unlike fiat currencies that can be endlessly printed by central banks.
Furthermore, Bitcoin is entirely decentralized, meaning no sovereign power or government can control it.
Saylor predicts that over time, the differences between Bitcoin and fiat currencies will become even more apparent, leading to a shift of capital into Bitcoin-denominated assets.
This could potentially revolutionize the global financial system, moving the world towards a new cryptocurrency-backed standard.
For years, Saylor has been advising companies to add Bitcoin to their balance sheets as a reserve asset.
MicroStrategy itself has been aggressively purchasing Bitcoin since 2020, becoming the company with the largest Bitcoin holdings in the world – 1% of all existing Bitcoins, valued at around 15 billion dollars.
Saylor argues that holding Bitcoin on a company’s balance sheet is the key to achieving what he calls “corporate immortality.” As the value of Bitcoin perpetually increases, so does the value of a company holding it.
This strategy could potentially extend the lifespan of a company for another century.
Saylor’s prediction of Bitcoin reaching 8 million dollars is based more on a macro narrative of where the world is heading, rather than on a purely analytical numerical model.
As such, it’s understandable if some investors choose to disregard such a view.
What seems undeniable is that a paradigm shift is underway in the global economic order.
This is why an increasing number of investors are optimistic about Bitcoin’s long-term value appreciation.
As for whether the 8 million mark will be hit, only time will tell who is ultimately proven right.
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