MicroStrategy CEO Believes Bitcoin Could Touch $500,000 In Next 10 Years
CEO and co-founder of MicroStrategy said that Bitcoin (BTC) has the potential to touch its November high of $69K in the next couple of years. However, what actually caught the attention of everyone was his claim that Bitcoin would be worth $500,000 in the next decade (around 10 or more years).
Mr. Saylor also said that the 4-year MA (moving average) of Bitcoin (BTC) is now showing signs of a bottom at the $20,000 level. This is also a reason why he believes that Bitcoin can touch these bullish forecasts.
BTC Is Now Stable At $20,000
Mr. Saylor believes that after touching the $20,000 level a couple of times, it is now stabilizing. At the time of writing this article, Bitcoin was trading marginally lower than the $20K level.
He said that the bull run witnessed in Bitcoin in the last few years is similar to what we have seen in gold. In fact, it is similar to the inflation hedge when people buy gold. The only difference would be that gold is tangible and has been around for centuries. On the other hand, Bitcoin is only a few years old and is purely digital with no physical presence.
Saylor also stated that Bitcoin (BTC) is now on its way to replacing the position of gold in terms of a store of value. Even today, central banks around the world hold a portion of their assets in gold as a store of value. So from this statement, it would seem that Saylor is now claiming that BTC will replace gold!
MicroStrategy Is Still Buying BTC On Dip
Within just 1 year, the price of Bitcoin (BTC) is already down by almost 60%. However, MicroStrategy, led by Mr. Saylor, continues to buy the token on the dip!
From August - September, the company spent a total of $6 million on buying Bitcoin (BTC), as evident from the SEC filings. In total, the company now holds close to $4 billion in BTC (approximately).