Bitcoin, the world's leading cryptocurrency, could see a surge in demand of up to 10 times its current levels within the next 12 months, according to Michael Saylor, co-founder of MicroStrategy and a prominent Bitcoin advocate.
Bitcoin Halving on the Horizon
Saylor made the prediction during his speech at the 2023 Australia Crypto Convention, where he discussed the future of Bitcoin and its ecosystem. With the Bitcoin halving event just months away, Saylor believes that the combination of reduced supply and increased demand will drive the price of Bitcoin to new heights.
Supply and Demand Dynamics
Saylor highlighted the key dynamics that will come into play in the near future. He explained that the supply of Bitcoin available for sale will be cut in half in April, as a result of the halving. At the same time, he expects demand for Bitcoin to double, triple, or even increase by a factor of 10.
This imbalance between supply and demand, combined with the increasing mainstream adoption of Bitcoin, will likely result in a significant price increase, according to Saylor.
Bitcoin's "Coming Out Party"
Saylor described the next 12 months for Bitcoin as its "coming out party," comparing the cryptocurrency to an adolescent graduating from college and entering the real world. He believes that Bitcoin will continue to experience high-growth in the coming years as adoption spreads across the big tech industry and mega banks worldwide.
Fierce Competition for Bitcoin
Saylor also predicted fierce competition among companies like Apple and Meta (formerly Facebook) to acquire Bitcoin for potential profits. He expects Wall Street firms, crypto exchanges, and other tech companies to vie for a share of the Bitcoin market.
In addition, Saylor anticipates major banks and Bitcoin custodians such as JP Morgan, Morgan Stanley, Goldman Sachs, and Bank of America to integrate Bitcoin into their services, including loans, mortgages, and buying/selling activities.
A Lofty Future for Bitcoin
Looking far into the future, Saylor envisions Bitcoin surpassing any other high-quality asset. He predicts that Bitcoin's growth rate will outpace that of the S&P 500 Index, leading to a potential value of millions of dollars per coin.
MicroStrategy, the company co-founded by Saylor, currently holds a substantial amount of Bitcoin, and the firm has already seen significant returns on its investment.
Disclaimer: The above article is a summary and interpretation of Michael Saylor's speech at the 2023 Australia Crypto Convention. The views and opinions expressed in the article are those of the speaker and do not necessarily reflect the views of The Guardian.
