The post MicroStrategy’s Michael Saylor Predicts Bitcoin Price Will Rise to $13 Million appeared on BitcoinEthereumNews.com.

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.  The MicroStrategy co-founder also said in the CNBC interview that the Republican party is the more progressive political…

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Filed under: News - @ September 9, 2024 9:23 pm