Michael Saylor, the CEO of MicroStrategy and a self-described Bitcoin permabull, has given another another optimistic Bitcoin price forecast. According to Saylor, the price of Bitcoin will soon reach $600,000 and then a massive $6 million per Bitcoin.
In an interview with The Information, he predicted the Bitcoin price. Saylor further claimed that, in addition to MicroStrategy’s Bitcoin holdings, he had his own Bitcoin stockpile.
Saylor owns at least 17,732 Bitcoins, in addition to the 122,478 Bitcoins MicroStrategy has amassed over the last year, which are valued over $6 billion. His Bitcoin holdings are estimated to be worth over $800 million at the current price of Bitcoin, which is roughly $51,000.
According to The Information, he has never sold any of his Bitcoins and has no intentions to do so anytime soon. He explained that he believes “you should never sell your Bitcoin” in general.
His most recent remark comes after he indicated in November that he believes Bitcoin is a $100 trillion asset class. He predicted that if Bitcoin spot ETFs were permitted in the market, the value of the Bitcoin market will surpass the $10 trillion market capitalization of gold.
While Saylor’s Bitcoin price prediction is speculative and far-fetched, market participants remain confident about a massive price increase in the long run. While the price of Bitcoin will have to rise by roughly 12,000 percent from its present level to reach the stratospheric level, Saylor has already discussed the mechanics of how this might be accomplished.
Because Bitcoin is a superior form of money, the wealthy CEO believes that it will unavoidably absorb the value of other markets over time as it gains wider usage. The Bitcoin market appears to be on the mend after its recent downturn. Bitcoin has gained nearly $2000 in value today, up 4.27 percent, and is currently trading at $51,167. Bitcoin’s market forecasts are likewise overwhelmingly optimistic.