Fervent Bitcoin proponent Michael Saylor has made another very bullish prediction for Bitcoin’s price tag. His comments, which were made at a recent Prague event, have captured the attention of the crypto community, particularly due to the hefty price tag.
While speaking at the event, Saylor predicted Bitcoin could reach up to $8 million per coin, and many investors would miss out on the price surge. Notably, these comments come amidst MicroStrategy’s recent disclosure that it wants to increase its Bitcoin holdings.
Saylor’s Bold Prediction At Prague Event
While speaking at the Prague event for Bitcoin, Saylor recounted his journey with Bitcoin in its early days. Interestingly, Saylor noted he was also indecisive when considering investing in Bitcoin for the first time. Back in 2013, Saylor looked at Bitcoin and dismissed it, thinking it would only find its way into online gambling.
As a result, he lost the opportunity to buy when Bitcoin traded at $892, only finally deciding to purchase when Bitcoin reached $9,500. “I got the price I deserved,” Saylor noted. However, Saylor has been a fervent supporter of Bitcoin ever since he finally bought in, even calling it the digital gold. He has also argued in the past that Bitcoin is the only asset investors can truly own as it is free from any governing authority.
As Saylor explains, despite Bitcoin’s growth in the past few years, there are still a lot of investors who are skeptical about buying in. Saylor noted that even if Bitcoin reaches $950,000, some might still call it overbought and expect a drop to $700,000, only to potentially miss out when the price finally surges to $8,000,000.
“Everyone gets Bitcoin at the price they deserve,” Saylor noted.
Is Bitcoin To $8 Million Really Feasible?
While $8 million per Bitcoin may seem far-fetched, Saylor and other analysts believe in the power of exponential growth. With Bitcoin now trading at $66,000, an $8 million price tag would mean a 12,000% price increase from the current price level. For Bitcoin to reach that level, its market cap would have to increase over 150 times from today’s value to around $168 trillion.
For this to happen, Bitcoin would need to gain mainstream adoption and interest in institutional investors, which is starting to increase because of Spot Bitcoin ETFs. If adoption truly goes mainstream, $8 million per Bitcoin may not be outside the realm of possibility in the coming decades.
MicroStrategy, Saylor’s intelligence company, is one of the few companies leading the charge in mainstream Bitcoin adoption. At the time of writing, MicroStrategy owns about 1% of Bitcoin’s circulating supply, and its investment has paid off thus far.
According to a recent disclosure, MicroStrategy is now looking to sell $700 million worth of its convertible notes. Net proceeds from the sale of the notes will then be used to acquire additional Bitcoin.
Featured image from Shutterstock, chart from TradingView
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