With the Bitcoin halving just months away, MicroStrategy co-founder and Bitcoin advocate Michael Saylor believes demand for Bitcoin could grow up to 10-fold by the end of 2024.
During a speech at the 2023 Australian Cryptocurrency Convention on November 10, Saylor was asked to provide his predictions for Bitcoin and its ecosystem over the next four to five years.
In response, Saylor initially provided a summary of the period between 2020 and 2024, noting that Bitcoin had transitioned from an “unregulated offshore asset” to a “major institutional application.”
Emphasizing the near-term, Saylor said that Bitcoin will become a “mainstream asset for teens by the end of 2024,” as he highlighted the key dynamics surrounding supply and demand that will soon come into play:
“I think the next 12 months are going to be big. Because demand (on a monthly basis) should double, triple or maybe go up by a factor of 10, anywhere from 2 to 10. (…) The supply available for sale will be cut in half in April.
“So instead of $1 billion worth of Bitcoin available to miners every month, it would be half a billion. It’s pretty unprecedented to go from a supply-and-demand equilibrium that could be $15 billion of organic demand and $12 billion of organic supply. What’s happening? When one doubles and the other divides in half? He added that the price will adjust.
Saylor went on to describe the next 12 months for Bitcoin as a “coming out party” as the asset graduates “college” and heads into the real world.
Looking ahead to 2024-2028, Saylor expects Bitcoin to continue its high-growth phase as adoption spreads across the major tech industry and giant banks around the world, with both sectors integrating Bitcoin into their products and services.
Saylor also said he expects to see a lot of competition between companies like Apple and Meta (Facebook) to acquire BTC to eventually sell for big profits.
“There will be fierce competition and Wall Street holders will seek the largest share of assets, there will be cryptocurrency exchanges competing and other technology companies will participate. (…) This will be one check.”
“The other examination will be when the major banks or custodians of Bitcoin with JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, and you know (…) make loans and mortgages and allocate it and buy it and sell it,” he added. “I think this It will be the second examination.
Looking even further into the future, some 25 years later, Saylor outlined some lofty predictions for Bitcoin’s future, asserting that Bitcoin would outperform any other high-quality asset.
“When it reaches its ultimate growth rate, maybe after 20 years, maybe 25 years, or it will grow twice as fast or double as fast as the S&P 500, or whatever other high-quality diversified asset portfolio you can buy,” he said, adding:
“So, if you think about it that way, you just say, well (…) now we’re going to double, we’re going to double again, we’re going to double again, we’re going to double again, this coin will continue to advance to $1 million a coin, $2 million a coin , 5 million dollars per coin, and 10 million dollars per coin.
MicroStrategy currently holds about 158,400 Bitcoin, and the company’s investments have increased by about $900 million as of November 2.
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