MicroStrategy chairman and co-founder Michael Saylor reckons Bitcoin has hit the price floor and is ready for its journey to all-time highs of US$68,990 in the next four years.
But that’s peanuts compared to where it’s going in a decade; speaking to MarketWatch editor-in-chief Mark DeCambre on Wednesday, Saylor suggested a price point of US$500,000 is not totally unreasonable.
That would put BTC’s circulating market cap at around US$10tn, or twice the current GDP of Japan.
No one would like to see this happen more than Saylor himself. Earlier this week, MicroStrategy added another 301 BTC for approximately US$6mln to its coffers, bringing total holdings up to a clean 130,000.
One hopes they actually did buy the dip this time; as the world’s largest corporate BTC holder, BTC’s sliding value has caused around US$1bn in losses for MicroStrategy since starting an aggressive buying campaign in 2021.
Apparently Saylor’s personal supply is 17,732 BTC, having bought them for around US$9,500 back in 2020, going by what he told MarketWatch.
Well at least his personal finances are in good shape, even if MicroStrategy shares have tanked 65% this year.
Such is Saylor’s thirst for digital gold that he directed MicroStrategy to release up to US$500mln in Class A common shares on the 12th of this month, with the intention to “use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin”.
Lightning wallets on the way
Also on Saylor’s to-do list is the development of Lightning wallets.
These protocols essentially allow for the sending and receiving of Bitcoin far quickly than the infamously slow network currently allows.
“We’re building Lightning wallets that can be deployed to enterprises, say that you can give (BTC) to 1,000 of your employees in an afternoon, or lightning walls where you can wrap your websites with a layer of digital energy to protect it from cybersecurity attacks,” said Saylor.
This level of Bitcoin fanboyism could make some cringe, but perhaps he’ll have the last laugh if (when?) BTC replaces gold “as a non-sovereign store of value,” as he so predicts.