‘Bitcoin to Hit $10M:’ Micheal Saylor Lauds BTC’s Immortality

Saylor emphasized Bitcoin’s enduring nature, highlighting its potential to revolutionize the global financial system.

Michael saylor grabbing planet earth in space.
Created by Gabor Kovacs from DailyCoin
  • MicroStrategy’s Michael Saylor is bullish on Bitcoin.
  • The open BTC advocate envisions a promising future for the asset.
  • Bitcoin is currently experiencing downward market pressure. 

The debate over Bitcoin’s utility as a store of value has persisted as a recurring topic in the industry.  While some argue that the world’s largest crypto asset is not a store of value, others beg to differ, acknowledging its potential. One prominent advocate in this regard is Michael Saylor, who consistently emphasizes Bitcoin’s reliability and transformative potential.

Expanding on his beliefs, the MicroStrategy chairman has once again charted an optimistic course for the crypto giant.

Michael Saylor: Bitcoin Is “Perfect Money”

Cheering Bitcoin’s potential in a recent podcast, Saylor asserted that the price of BTC has the potential to reach $10 million. Saylor’s assertion hinges on the longevity of the asset, emphasizing its role as a superior form of money in contrast to fiat currencies.

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“Satoshi gave us perfect money,” he stated, adding “What’s the difference between perfect money and imperfect money? Perfect money is economic immortality. Imperfect money is: we all have a short, brutal life,” he stated.

Saylor explained that Bitcoin’s fixed supply of 21 million coins and decentralized nature position it as a robust store of value, which is not prone to inflation and manipulation, unlike fiat currencies. He emphasized that the digital asset offers a transparent and predictable monetary policy, making it a potential foundation for a new global financial system.

Saylor further commented on Bitcoin adoption, stating that countries like China will soon embrace the asset giant. “The Chinese will embrace Bitcoin,” he remarked. He also emphasized the importance of institutional support for Bitcoin’s growth, asserting that the introduction of Bitcoin ETFs by major financial players, such as BlackRock, not only increases Bitcoin’s market capitalization but also stimulates demand for self-custody solutions, thereby democratizing access to the asset. 

Saylor’s comments paint a promising outlook for Bitcoin, particularly amidst the crypto giant’s rather unimpressive performance in recent weeks.

Bitcoin Struggles to 

Presently trading at $61,048, BTC’s underperformance over the past month has created rather bearish momentum around the asset. Following its peak at $73,737 on March 14, 2024, the largest crypto asset has struggled to uphold an upward trend, severely retreating to price lows.

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Bitcoin’s current trading price marks an approximate 5% loss in the last 24 hours and a total 7% decline over the past seven days. This marks a 17.21% drop from its all-time peak, further fueling a negative sentiment for the crypto king.

However, some analysts have argued that the asset’s current performance is beneficial for the overall cycle. According to market analyst Rekt Capital, the ongoing struggle and continued consolidation are necessary for a “normal, usual bull run.”

Rekt Capital also stated that BTC’s current pattern parallels past cycles, adding that the token is expected to break its downward momentum and “launch into an uptrend.

On the Flipside

  • Michael Saylor’s MicroStrategy recently added an additional 11.9k BTC to its portfolio, bringing its total holdings to 226,331.
  • The current decline in BTC price resulted in a staggering $621 million outflow in the past week.
  • Despite the optimism, some still perceive Bitcoin negatively. In April 2024, the Vanguard CEO condemned BTC as not a store of value.

Why This Matters

Michael Saylor’s confidence in BTC echoes the broader positive sentiment of the crypto asset and offers reassurance of its potential even amid its current decline.

Find out more about Microstrategy’s streak of Bitcoin acquisition:
MicroStrategy Bitcoin Bag Nears Key Milestone with $822M Buy

Read this article to find out more about crypto and the upcoming US elections:
Donald Trump Bags $2 Million in Donations from Gemini CEOs

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.