- Bitcoin demand is predicted to grow 10x by 2024, driven by the upcoming bull cycle, BTC halving, Spot ETF approval, and other bullish developments.
- MicroStrategy chairman, Michael Saylor says that BTC has evolved from an “offshore unregulated asset” to an “institutionalized mainstream currency.”
- Saylor says Bitcoin is recognized as a “scarce and superior” store of value, with unmatched security and innovation.
- BTC will become an “adolescent mainstream asset” by the end of 2024, with monthly demand increasing 2-10x and monthly circulating supply cut in half.
- MicroStrategy is the largest public BTC holder, with over 158,000 Bitcoins worth over $5.7 billion, and is up about 25% on their initial investment.
BTC, the pioneer crypto may be up for a massive run in 2024 and beyond, according to co-founder and chairman of MicroStrategy, Michael Saylor.
Saylor, in an interview at the 2023 Australia Crypto Convention, says that the demand for Bitcoin might increase tenfold by 2024.
This might happen as the next Bitcoin halving, bull cycle, Spot ETF approval and other bullish developments approach.
Bitcoin’s Journey: From Offshore to Mainstream
Saylor began his speech with an overview of BTC’s evolution from 2020 to 2024. According to the MicroStrategy CEO, Bitcoin went from being thought of as an “offshore unregulated asset” for “speculators and criminals”, to becoming an “institutionalized mainstream currency” that has attracted several major companies, hedge funds, asset managers and even governments.
Saylor says that especially when the COVID-19 pandemic hit, BTC started to become recognized as a “scarce and superior” store of value.
Saylor also pointed out that BTC’s security and innovation have been unmatched so far.
As a result, BTC and the Bitcoin network are now the most appealing digital currency and blockchain respectively.
Saylor Says Monthly Demand Can Rise 2 – 10x
Saylor went further to mention that BTC will become an “adolescent mainstream asset” by the end of 2024.
The CEO says that Bitcoin will go through some key factors and developments that will ramp up its demand over the next 12 months.
Some of these developments include the upcoming bull cycle, the next BTC halving in April 2024 and the Spot-Bitcoin approval (with the supply shock that follows), among other things.
Saylor also estimates that the monthly demand for BTC (currently at $15 billion) might increase two to tenfold over the next year, while the monthly circulating supply available (about $12 billion), will be cut in half to $6 billion.
This means that there will be massive demand for BTC, as the cryptocurrency becomes as scarce as ever.
As a result, the cryptocurrency’s price has nowhere to go, but up.
Saylor says that BTC will “adjust up” accordingly when this happens and that the next 12 months will be Bitcoin’s “coming out party”.
MicroStrategy Has Made ~$1 Billion In Profit So Far…
…and BTC is nowhere near its ATH yet.
According to the Bitcoin Treasuries, Microstrategy now holds more than has amassed over 158,000 Bitcoins, bought at an average price of about $29,000 and worth over $5.7 billion at current prices.
Microstrategy now has unrealized gains of about $1 billion, even with BTC under $40,000 per coin.
Microstrategy is up by about 25% on their initial investment of about $4.6 billion and can choose to walk away with all of this profit whenever they see fit.
Microstrategy, as it turns out, is now the largest public BTC holder by a “very” wide margin, with Bitcoin holdings that are equal to about 80% of its $7.1 billion market capitalization.
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