Bitcoin and Ethereum prices have tanked. BTC, for example – the world’s number one cryptocurrency by market cap – has dropped into the high $47,000 range. This is a $9,000 drop in about two days, as recently, the asset was trading for about $56,000 per unit. Despite this, Michael Saylor – the CEO of MicroStrategy – remains confident that things are going to turn out well for the currency. So well, in fact, that he thinks it will one day have a $100 trillion market cap.
Michael Saylor: Bitcoin Is Going to Get Much Bigger
Michael Saylor has been pushing a bitcoin agenda for the past six months. His company MicroStrategy initially bought the currency back in August of 2020, becoming one of the first major institutions to pledge support for the digital asset during a time when it was still considered relatively taboo and unsafe due to its volatility. The company ultimately paved the way for several others – including Stone Ridge, Square, MassMutual and then Tesla – to step in and invest in the cryptocurrency.
In a recent interview, Saylor comments that he still believes bitcoin has a serious future ahead, and that it’s going to experience hardcore bursts in both price and value in the coming months. He states:
There’s a $500 trillion monetary planet and the outer layer is currency. Then you’ve got stocks, bonds and real estate. There’s $10 trillion worth of gold in there, $1 trillion of bitcoin in there. Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap. Then it’s going to subsume negative yielding sovereign debt and other monetary indexes until it grows to $100 trillion. Once it gets to $10 trillion, its volatility will be dramatically less. As it marches toward $100 trillion, you’re going to see the growth rates fall, the volatility fall, and it’s going to be a stabilizing influence in the entire financial system of the 21st century.
People Really Trust It
He further stated that while his company owns a grand stake in the primary digital asset, he also owns it personally and possesses his own individual account. He’s also rather critical of Janet Yellen and fellow regulators who seem intent on limiting crypto usage in the coming months and who claim it’s purely speculative and unusable. He mentions:
I think that you can expect that we’ll have a billion people storing their value, in essence a savings account, on a mobile device within five years and they’re going to want to use something like bitcoin.
Recently, it was reported that MicroStrategy still reigns as king of the institutional crypto investors, having bought nearly $2 billion more than Tesla. In addition, the company has just sold hundreds of millions of dollars in convertible debt so it could garner the funds necessary to purchase more BTC.