Bitcoin Price "Could Increase 10x in the Future," Michael Saylor

Discover Michael Saylor's bold prediction for Bitcoin's future in this expert translation of his latest interview.

With Wall Street's demand increasing and the upcoming halving, could Bitcoin really grow tenfold?

Bitcoin Bullish Forecast by Michael Saylor on CNBC

In an appearance on CNBC, Michael Saylor, the CEO of MicroStrategy known for his bullish stance on Bitcoin (BTC), has predicted that the price of Bitcoin could potentially increase tenfold.

Saylor, an eminent figure in the cryptocurrency world, recently reported that MicroStrategy's Bitcoin holdings had reached a total of 158,400 BTC due to the latest BTC purchase.

During the interview, he discussed the anticipated Bitcoin "halving" expected around April 2024 and the potential for a "Bitcoin spot ETF." He expressed a "very bullish" outlook for the next twelve months.

Unprecedented Demand Increase on Wall Street

Saylor suggested that the majority of Bitcoin sales in the market are by miners who need to sell to cover expenses such as electricity bills. He explained that the miners' sales represent about $1 billion worth of Bitcoin entering the market each month. With the halving, this selling pressure is expected to decrease by half.

Furthermore, Saylor stated that the introduction of a physical Bitcoin ETF would increase demand for Bitcoin. With selling pressure decreasing and demand rising, he predicts a significant increase in demand over the next 12 months, a scenario he describes as unprecedented in Wall Street history.

Most of the natural sellers of bitcoin in the market today are bitcoin miners, who need to sell BTC to pay their electricity and capital costs. Their debt amounts to about $1 billion per month, so that is how much BTC is sold on the market.

Around late April of next year that will be reduced by half, so a $12 billion annual sale will be reduced to a $6 billion annual sale. At the same time, demand for bitcoin will increase through physical bitcoin ETFs and other means.

That is why we are quite bullish that demand will increase and supply will shrink over the next 12 months. This is unprecedented in the history of Wall Street.

Saylor concludes by saying that if "reliable Wall Street banks and custodians manage Bitcoin, move away from small tokens that impair the value for the owners, and the industry advances to the next level, Bitcoin could increase tenfold from here."