Michael Saylor, co-founder of MicroStrategy and an advocate of Bitcoin, believes that by the end of 2024, demand for BTC might have increased by up to 10 times despite the impending halving of the cryptocurrency.Saylor answered a question on his predictions for Bitcoin and its ecosystem for the next four to five years during a keynote on November 10 at the 2023 Australia Crypto Convention.
Saylor responded by first providing an overview of the years 2020–2024 and pointing out that during that time, Bitcoin was viewed as a “offshore unregulated asset” as opposed to a “institutionalized mainstream app.”Focusing on the short term, Saylor predicted that BTC will turn into a “adolescent mainstream asset by the end of 2024″ and outlined important supply and demand factors that will soon be in effect.
“I think that this next 12 months is going to be a big. Because demand [on a monthly basis] should double or triple or maybe go up by a factor of 10, anywhere from two to 10. […] and the supply available for sale will be cut in half in April.”
“So instead of a billion dollars of Bitcoin available for miners each month, it will be half a billion. It’s pretty unprecedented that you would go from a supply and demand balance of maybe $15 billion of organic demand and $12 billion of organic supply. What happens when one doubles, and the other one cuts in half ? the price is going to adjust up,” he added.
Saylor continued by referring to the upcoming year for Bitcoin as its “coming out party,” as the commodity leaves “college” and enters the real world.Saylor projected that, in 2024 and 2028, Bitcoin will remain in a high-growth stage as its use expands throughout the global major tech sector and megabanks, both of which will include Bitcoin into their goods and services.
Saylor said that he anticipates fierce rivalry from businesses like Apple and Meta (Facebook) to obtain Bitcoin, which they may then sell for significant gains.
“You’re going to have ferocious competition and will among Wall Streeters to get the most asset share and you’re going to have crypto exchanges competing and you’re going to have other tech companies getting involved. […] That’ll be one check.”
“The other check will be when the big mega banks or Bitcoin custodians with JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, and, you know […] when they’re making loans and giving mortgages and customising it and buying and selling it. I think that’ll be the second check,” he added.
Saylor highlighted that Bitcoin will surpass all other high-quality assets and offered some ambitious projections for the cryptocurrency’s future, looking even farther ahead, at about 25 years.
“When it hits that terminal growth rate, maybe 20 years out, maybe 25 years, or it’ll be growing twice as fast or compounding twice as fast as the S&P 500 Index, or any other diversified high quality portfolio of assets you could buy,” he said.
“So if you think about it like that, you just say, well […] now we’re going to double we’re going to double again, we’re going to double again, and we’re going to double again, that coin is going to continue to progress to a million dollars a coin, $2 million a coin, $5 million a coin, $10 million a coin.”
As of Nov. 2, MicroStrategy had gained around $900 million on its investment and presently has about 158,400 BTC.