No one will find more bullish on Bitcoin (Cryptography: BTC) From Michael Saylor. Now, as executive chairman of the strategic strategy, Bitcoin Treasury Company MicroStrategy, Saylor has hired a struggling company and has more or less developed the idea of using available funds to buy the world’s largest cryptocurrency storage.
The strategy began purchasing Bitcoin in 2020 and has not stopped. It paid off, and its inventory absolutely surged. The company was also able to tap on the capital market to raise the debt that could be used to buy Bitcoin. Late last year, Saylor predicted that token prices could rise 15,072% over time, and he still appears to be bullish today. Let’s take a look.
Last November, Saylor went to CNBC and reiterated that he thought Bitcoin could reach $13 million per token by 2045. He believes that cryptocurrency can provide an annual return rate (ARR) of 29% between now and 2045.
He expects ARR to decrease as its volatility decreases. “In the end, I think the right way to think about it would always be a traditional S&P index that corresponds to stronger capital assets,” Saylor told CNBC at the time.
Bitcoin has been gaining a high motor since its forecast, with the tokens shortly above $109,000 in January. The main catalysts were Donald Trump’s presidential election victory in November and the sweep of the Republican Congress.
Trump positioned the party as a supporter of code and significantly overturned the course from the more cautious regulatory approach taken by President Joe Biden’s administration.
Trump has pro-cryptic officials in his cabinet and has several pro-cryptic advisors. The Securities and Exchange Commission (SEC) has dropped several well-known lawsuits against major crypto companies. Trump has also issued an executive order directing the creation of strategic Bitcoin reserves and US digital asset reserves.
The market has been selling violently since late February, and cryptocurrency has similarly stepped in, with Bitcoin trading at around $85,000 (as of April 2). From this level, the future price target of $13 million represents an upside of over 15,000%. Despite the sale, there is no indication that Saylor still doesn’t believe last year’s price forecast.
The strategy continues to pour money into Bitcoin regardless of price. Recently, the company has purchased $1.9 billion worth of its value at an average price of just under $87,000 per token. Currently, we own more than 2% of our supply. That means 528,185 Bitcoins are around $35.63 billion, with an average cost of $67,458 each. Saylor wasn’t quiet either. He recently posted on X: “Don’t make fun of me. Buy Bitcoin.”
The story continues