Bitcoin (BTC) advocate Michael Saylor has shared a bullish prediction of $8 million per coin based on the long-term value of the digital asset.
He reiterates that despite recent poor performance, Bitcoin’s future remains bright with the potential to replace the traditional monetary system.
Bitcoin (BTC) has come under bearish pressure in recent months but this has not deterred its crusaders. Michael Saylor, who is a big advocate of the digital has offered an astronomical prediction on the future value of Bitcoin. Bitcoin analyst Luke Broyles has offered some insights into Saylor’s recent speech at the BTC Prague event.
Speaking at the event, Saylor revealed that he was once a skeptic after learning about Bitcoin. At the time, BTC was priced at just $892. Because of his skepticism, he would later buy at $9,500 after learning the inner workings of the digital asset and the technology driving it. Based on this, Broyles states that one of the standout quotes of the event was “Everyone gets Bitcoin at the price they deserve.”
8) Everyone gets #Bitcoin at the price they deserve.
Michael reflected on how he dismissed #Bitcoin at $892 to only deserve buying it at $9,500.
He then said when #Bitcoin is $950,000 people will try to wait for it to crash to $700,000… Then #BTC would go to $8,000,000. pic.twitter.com/Nck76lT8tI
— Luke Broyles (@luke_broyles) June 14, 2024
Taking a lesson from this, Bitcoin is guaranteed to continue adding value despite skepticism from the larger population and support from the community. Saylor has been a big advocate for retail traders and big companies to learn about Bitcoin due to its inherent value and potential future growth.
Breaking down his hypothesis on the future price, he explains that at $950,000, some investors will wait for prices to crash to $700,000 to buy. However, it could go to $8,000,000 and possibly even higher.
Michael Saylor further highlights some key catalysts such as the possibility of political and economic chaos. Broyles explains that Saylor referenced WW2 and Communism in Prague/Europe. In times of such events, Bitcoin would be the best bet as opposed to traditional assets such as a house, company, or gold.
He also points out that Bitcoin is the only asset that holders can truly own. Saylor explained that all assets in the ancient world were protected by a governing authority over their owners and property rights granted by a collective of humans.
Saylor further describes Bitcoin as a ticket to escape the matrix. According to Michael Saylor, the current economic system, reliant on GDP, CPI, and endless quantitative easing, is a fabricated reality, like the Matrix. Prices within this system are arbitrary and don’t reflect true value.
Bitcoin offers a way to break free from this manipulated system. It’s an outlier, not bound by the limitations of traditional economic data points that can be skewed to fit a particular narrative.
At the time of writing, BTC is trading for $66,610 after staging a rebound during the weekend from a monthly low of $65,000 reached on Friday. While the long-term outlook remains bullish, the digital asset has failed to break out of the $65,000 to $72,000 range despite key developments such as the halving. Based on Saylors predictions, current prices offer a once-in-a-lifetime opportunity to investors.
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