Michael Saylor, the executive chairman of MicroStrategy (now Strategy), discloses that he is getting more bullish on his previous forecast that Bitcoin will hit $13 million by 2045.
The Strategy chairman expressed this view during a recent CNBC Squawk Box interview, where he provided a bullish outlook for Bitcoin. During the interview, Saylor recounted the previous prediction he laid out for BTC at the Bitcoin Conference in Nashville.
At the 2024 conference, Saylor predicted that Bitcoin would grow by 29% on average each year over the next 21 years. He suggested that factors such as Bitcoin education and rising institutional demand for the asset could propel BTC’s price to the $13 million target by 2045.
Bullish on $13M Bitcoin Price Forecast
While his previous forecast triggered mixed reactions at the time, Saylor has once again backed the prediction. The Bitcoin evangelist emphasized that he is more bullish on the prediction due to the positive market developments over the past six months.
Regulatory Clarity for BTC
He mentioned that the current U.S. administration now recognizes Bitcoin as a top digital commodity, providing regulatory clarity for the firstborn crypto.
Banks Now Allowed to Hold Bitcoin
Additionally, he noted that the banking regulator has authorized banks in the United States to hold Bitcoin. Recall that in April, the Federal Reserve withdrew 95% of its anti-crypto rules.
These include the 2022 and 2023 supervisory letters, which required banks to notify the central bank before engaging in crypto-related activities. With the rules rescinded, banks can now engage freely in crypto activities without informing the Fed.
Growing Institutional Adoption
Furthermore, Saylor indicated that there is strong institutional adoption for Bitcoin. According to him, more than 100 public companies currently hold Bitcoin on their balance sheets, with new firms adopting the asset every week.
He also highlighted the massive inflows into Bitcoin ETFs. As of press time, spot Bitcoin ETFs have accumulated $44.29 billion in net inflows and hold $122.98 billion in net assets.
Supply Squeeze
According to Saylor, another factor making him more bullish on the $13 million Bitcoin price forecast is the asset’s supply squeeze. He opined that only about 450 Bitcoins are made available for sale daily. The Strategy chairman noted that Bitcoin treasury companies and Bitcoin ETF issuers quickly buy these 450 BTC.
Based on these positive developments, Saylor said he is more bullish on the possibility of Bitcoin reaching the $13 million target by 2045, 20 years from now. Interestingly, he raised his expected average annual return for Bitcoin from 29% to 40%, which suggests that BTC could reach the $13 million target sooner.
Hitting the $13 million target demands a surge of 12,328% from the current price of $104,596.
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