Michael Saylor, Executive Chairman and co-founder of MicroStrategy, has reiterated his bullish outlook on Bitcoin, asserting that it is on a path towards $1 million.
The Crypto Winter is Over
Michael Saylor believes that the sharp downturns in Bitcoin, such as the 2022 crash where prices fell from nearly $70,000 to $15,500, are now behind us. "We’re past that phase," he stated, emphasizing Bitcoin’s increased resilience to bear markets.
Bitcoin Supply Crunch
According to Saylor, miners currently produce only 450 BTC per day, equating to approximately $50 million at present prices. "If that $50 million is being bought daily, the price has to go up," he asserted, highlighting the mechanical effect of fixed supply on asset value.
Rising Institutional Demand
Saylor noted that institutional investors, including ETFs from major firms like BlackRock and Fidelity, are absorbing the entire daily supply of Bitcoin. This creates consistent demand, steadily removing Bitcoin from circulation and driving prices higher.
Michael Saylor's forecast for Bitcoin to reach $1 million may be bold, but it is founded on shifts within the financial and geopolitical landscape, including growing institutional interest and political backing.
