According to MicroStrategy CEO Michael Saylor, Bitcoin will be the preferred method of saving for approximately one billion people. He also predicted that one day BTC will overtake gold, and reach a market capitalization of $ 100 trillion.
Bitcoin is the Dominant Digital Money Network
In an interview on February 23, MicroStrategy CEO Michael Saylor made a bold prediction about Bitcoin adoption in the coming years.
The CEO told CNBC’s Squawk Box that BTC will become the preferred method of saving for approximately one billion people on mobile devices within five years.
He added that Bitcoin is not really intended for spending, but rather as a savings tool where people can store value similar to a savings account.
“We will see the day when 7-8 billion people will have a digital gold account on their phones, and they will use it to store their savings”, Saylor predicted.
The MicroStrategy CEO’s comment came after the price of BTC fell by more than 10% on Tuesday, February 23, as a result of a sell-off across the market, resulting in a loss of $ 300 billion in cryptocurrency market capitalization. The digital coin has faced a major shake-up after US Treasury Secretary Janet Yellen called it inefficient for transactions.
Saylor’s bold prediction of a wider use of Bitcoin in people’s financial lives is probably optimistic for a digital coin that is fast becoming mainstream. Despite the recent pullback, Bitcoin is still one of the best performing assets of 2021. The digital asset has made a profit of about 60% since the beginning of the year.
Microstrategy Continues its Public Promotion of BTC
Saylor’s business intelligence company is a major corporate investor in BTC, and has acquired more than 70,000 coins since August 2020.
The publicly traded firm is preparing to purchase $ 1.05 billion worth of Bitcoin. According to a recent note, MicroStrategy is finalizing offering convertible notes as a strategy to maximize its bitcoin holdings.
Qualified institutional investors were allowed to buy these unsecured bonds from MicroStrategy, and the proceeds from the sale will go towards the purchase of the crypto asset.
Michael Saylor went on to praise Bitcoin in his CNBC interview, where he hailed the king of cryptocurrency as “the dominant digital money network”. He went on to describe Bitcoin’s rapid 12-year journey to establish itself as a trillion-dollar asset, leaving behind major tech giants like Amazon and Google.
Bitcoin Could absorb Gold’s Market Cap
Bitcoin is gradually gaining the title of “digital gold” as more and more investors become aware of its ability to serve as a means of saving, due to the limited overall supply.
According to Saylor, in the future, BTC will absorb the entire market capitalization of gold in the amount of $ 10 trillion. He added that the market value of Bitcoin will one day reach $ 100 trillion, which is a bold prediction of a 100-fold increase. The CEO of MicroStrategy explained that volatility will fall sharply when the market capitalization of the Cue Ball reaches $ 10 trillion.