The executive chairman and co-founder of enterprise software firm MicroStrategy, Michael Saylor, believes Bitcoin (BTC) will always appreciate against the US dollar.
In a new interview with Yahoo Finance, Bitcoin bull Saylor says that the flagship crypto asset is on track to eventually hit $1 million after breaking through the $100,000 resistance level earlier this week.
“It’s still less than $1 million a coin. You’re getting a 90% discount from $1 million a coin. I’m sure that I will be buying Bitcoin at $1 million a coin, probably a billion dollars a day of Bitcoin at $1 million a coin. And so I think it’s a very simple idea. Just keep buying Bitcoin with your spare capital. It’s going to appreciate against the dollar forever.”
Saylor predicts that Bitcoin will grow in value by a decreasing annual recurring revenue (ARR) percentage in the coming years. He has said Bitcoin may hit $13 million a coin in 2045.
“I don’t chart it month-by-month, but I noticed that it’s been a 60% ARR for the past four years, and even before that point, and my model is generally that it will grow at 60% ARR decelerating to 20% ARR over 21 years. So if you start to crank in 60% and 58% and 56% and 54%, and you put that on a scale, absent the cycle cyclical volatility, you get to a forecast which makes sense.”
Saylor also predicts that Bitcoin will see less volatility than in the past as the market has matured and adoption increased, such as through the spot BTC exchange-traded funds, which launched earlier this year.
He says he doesn’t expect anything like the “80% drawdown in the depth of the crypto winner from $66,000 to $16,000” to happen again.
“The market right now is driven by the ETFs, driven by the options market, driven by companies like MicroStrategy, driven by the global adoption. So I think what you’ll see is you will still see volatility, but you won’t see the extreme drawdowns of the last cycle. You’ll see a more gentle volatility. It’ll surge up, it’ll come back.”
Bitcoin is trading for $99,412 at time of writing, down 1.5% in the last 24 hours.
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