Michael Saylor, the CEO of MicroStrategy, believes that the market capitalization of Bitcoin will soon touch $100 trillion. Michael told CNBC that the digital asset would continue to grow till it becomes a stabilizing influence on the global financial system.
Michael Saylor Believes Bitcoin Will Surge to $100 Trillion
Regardless of the fall in the price of Bitcoin today, the digital asset has recently managed to cross the market capitalization of $1 trillion.
However, Saylor’s predictions of a rise in the price of cryptocurrency show an increase up to 100 times its current value. Foreseeing such a drastic increase in the price of Bitcoin shows his ultimate belief in the digital asset.
Michael Saylor released a statement in support of his huge predictions, that read:
“There’s a $500 trillion monetary planet, and the outer layer is currency, then you’ve got stocks, bonds, 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.”
In addition to this, Michael said that once Bitcoin crosses the value of gold; it will subsume monetary indexes and sovereign debt with negative yield until it reaches $100 trillion. He added:
“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.”
MicroStrategy Bitcoin Investments
Michael Saylor has been a known supporter of Bitcoin and he is also known for his recent decision to invest about $1.15 Billion of cash holdings of MicroStrategy in Bitcoin.
Moreover, since he made announcements of purchasing Bitcoin, MicroStrategy has surged over 300%. Along with that, it is also said that Michael Saylor played a vital role in Elon Musk’s Tesla investing $1.5 billion in Bitcoin.
Are such large transactions even possible?
— Elon Musk (@elonmusk) December 20, 2020