- CEO and co-founder of the company MicroStrategy, Michael Saylor, foretells that bitcoin would hit $5 million and is now flashing a screaming buy signal.
- He believes that bitcoin has got a “$200 to $300 trillion addressable market” and it, unlike money, is “sound.”
- He doesn’t see a rival to bitcoin and thinks FAANG (Facebook, Amazon, Apple, Netflix, Google) companies can’t compete nor replicate it.
In an interview with FamilyOffice, Michael Saylor revealed that he believes a seven-digit price tag for bitcoin is very apparent. Saylor’s company, Microstrategy, already owns more than 90,000 BTC worth around $5 billion.
For the last several months, Saylor has been the mouthpiece of bitcoin. He has been acting like its CEO, marketing manager, and social media manager, even convincing Elon Musk to add Bitcoin to Tesla’s balance sheet in the process.
Now, he is more bullish than ever predicting bitcoin to reach $5 million:
I can see bitcoin going to a million. I can see it going to $5 million… because if it simply replaces all the indexes as a monetary index money, why shouldn’t it go to $100 trillion in market cap or something?
For Saylor, bitcoin is still flashing a “screaming signal” to buy. He anticipates that bitcoin has got a “$200 to $300 trillion addressable market” and solves the global issue regarding money and inflation.
Furthermore, everyone in the crypto space knows that the bitcoin network is dominant, that is why “it’s exploding.” Saylor further detailed:
The signal that is exploding is it’s growing 200% a year every year for 12 years running. That’s the signal.
He also stated that none of the FAANG (Facebook, Amazon, Apple, Netflix, Google) tech companies can compete with bitcoin. He said these tech companies can double or even triple in size, but still won’t have the same global impact that bitcoin will have over the long term.
Bitcoin has become more widespread and less-riskier with each passing day for the last couple of months, Saylor added:
[Bitcoin] got to be a much easier trade in March of 2020. And every month since March of 2020, it’s been de-risked exponentially, and then the need is exploding.
Microstrategy started purchasing bitcoin in August 2020 with an early investment of $250 million. Later, the company continued the purchasing spree and spent up to $2.21 billion to buy BTC. Now, the firm holds 91,326 coins worth around $5 billion, which says a lot about Saylor’s stance on Bitcoin’s future.