In a recent discussion with CNBC, MicroStrategy's Chairman and prominent Bitcoin advocate, Michael Saylor, expressed his conviction that Bitcoin has the potential to increase tenfold from its current position. However, reaching such heights would necessitate an extraordinary surge in demand for the digital currency—a scenario that appears feasible considering several significant macroeconomic and technical developments that could propel Bitcoin adoption in 2024.
One of the pivotal events Saylor highlighted is the upcoming halving, which will slash Bitcoin mining rewards by 50%, compelling miners to liquidate their Bitcoin holdings to sustain operations. Saylor pointed out, "We're going to witness a shift from $12 billion of natural yearly selling to $6 billion—at the same time as developments like spot Bitcoin ETFs amplify Bitcoin demand."
Saylor elaborates that these factors could trigger an "unprecedented demand" for Bitcoin, characterized by a constricted supply, intensified buying activity, and geopolitical tensions amidst worldwide economic challenges.
Saylor also touched upon the potential impact of approving a Bitcoin spot ETF, a move that many investors believe would attract Wall Street and other institutional investors to Bitcoin. Notably, the investment research firm Bernstein, which previously held a skeptical view of Bitcoin, has forecasted that such an ETF could propel Bitcoin's value beyond $150,000 by 2025.
Returning to Saylor's insights, he believes that this influx of institutional interest will not only stabilize Bitcoin but also bolster the entire cryptocurrency sector, further driving up Bitcoin's price.
Sam Bankman-Fried, recently convicted on all seven counts, including two instances of wire fraud, represented a significant detriment to Bitcoin. His actions, along with those of numerous crypto influencers and untrustworthy crypto custodians who were manipulating Bitcoin, posed serious challenges to the cryptocurrency's integrity, he stated.
