Michael Saylor Claims Bitcoin (BTC) Has Found Its Bottom Price and Will Hit ,000 Again

Michael Saylor Claims Bitcoin (BTC) Has Found Its Bottom Price and Will Hit $60,000 Again

Michael SaylorPresident and Co-Founder of MicroStrategy, estimates that the Bitcoin price has found a stable bottom around $20,000. From there, he estimates that the market’s top cryptocurrency will return to its former all-time high price level of around $60,000 within the next four years.

Source: Adobe Stock

Mr. Saylor made the comments during an interview with the first “Best New Ideas in Money Festivalof MarketWatch. Mr. Saylor told MarketWatch’s editor, Mark DeCambre, that he had been watching Bitcoin’s simple moving average for four years in search of a potential bottom. This metric currently sits around $20,000.

“It’s touched it a few times. I think the level is stable. The logical next step for Bitcoin is to replace gold as a non-sovereign store of value,” Saylor said.

The Bitcoin evangelist also revealed during the interview that MicroStrategy is working on creating a Bitcoin Lightning Network wallet. This portfolio is aimed at enterprises, which are already MicroStrategy’s main customer base.

The Bitcoin L2-enabled wallet will facilitate enterprise use cases such as protecting their websites in “a layer of digital energy to guard against cybersecurity threats” and paying employees in bitcoins.

This is not the first time Mr. Saylor has expressed very positive sentiments towards Bitcoin. Earlier this year, the billionaire pointed out that Bitcoin was the only truly scarce asset in the world, as Business Insider reports. The comment completely snubs gold, as Saylor argues that the precious metal can be created indefinitely.

“I can create more real estate in New York. I can create more cars. I can create more luxury watches. I can create more gold. I can create more shares of a stock. I can create more obligations,” he said.

Saylor prepares for a Bitcoin-dominated future

Saylor predicts that Bitcoin will trade at around $500,000 per unit when its market capitalization surpasses that of gold, which is around $11 trillion. This is one of the reasons he cited for the continued increase in MicroStrategy’s balance sheet.

READ ALSO :   Binance prepares to return to Japan

Currently, MicroStrategy is one of the largest publicly traded bitcoin holders. In a statement this month, Saylor revealed that MicroStrategy added 301 bitcoins β€” purchased for around $6 million between Aug. 2 and Sept. 19 β€” to its balance sheet. This brings the enterprise software company’s bitcoin holdings to over 130,000 BTC.

Bloomberg reported that these bitcoin bets have cost MicroStrategy around $1 billion so far. Further losses are to be expected if the company continues to borrow to finance its purchase of volatile assets, especially as interest rates are rising, according to the article.

Follow our affiliate links:

  • To buy cryptocurrencies in the SEPA Zone, Europe and French citizensvisit Coinhouse
  • To buy cryptocurrency in Canadavisit Bitbuy
  • To generate interest with your bitcoinsgo to the BlockFi website
  • To secure or store your cryptocurrenciesget Ledger or Trezor wallets
  • To trade your cryptos anonymouslyinstall the NordVPN app

To accumulate coins while playing:

  • In poker on the CoinPoker gaming platform
  • To a global fantasy football on the Sorare platform

Stay informed with our free weekly newsletter and to our social networks:

Newsletter Updates

Enter your email address below to subscribe to our newsletter