Strategy CEO Michael Saylor has once again made a confident prediction regarding Bitcoin‘s future, stating that the cryptocurrency’s price will reach $13 million in the next 20 years.
In a speech at the Digital Asset Summit, Saylor reiterated how Bitcoin’s unique attributes as a scarce digital commodity in the context of an asset class with no real competitors make this possible.
“I can stand here and say, ‘I think Bitcoin will be worth $13 million in 20 years.’
Bitcoin is the ultimate store of value because of its fixed supply.
Saylor believes that Bitcoin’s 21 million coins of fixed supply make it the only store of value, unlike traditional commodities like gold and oil. Unlike these assets, which can be produced in larger quantities as demand increases, Bitcoin’s supply is fixed.
According to Saylor, all other goods can be produced with technology, capital, and skill. However, if the price of oil were to rise to $1,000 a barrel, then more expensive extraction methods like fracking, triple fracking, and hyperfracking would come into play. He said the same thing happened to gold, which suffered hyperinflation several times. But Bitcoin was different and was the only true digital commodity.
At the time of writing, Bitcoin was up 1.8% from yesterday and was trading at $85,208. According to Coencko data, it previously rose above $86,000. However, Bitcoin is still down 11% from a month ago.
Users of the on-chain prediction market Myriad, launched by Dastan, are on Bitcoin. It is expected to reach $83,000 by the end of the week.
The US government recognized Bitcoin as a strategic asset.
Saylor also pointed to the US government’s recent ratification and approval of Bitcoin as a strategic asset. He cited President Donald Trump‘s creation of a strategic Bitcoin reserve.
Saylor said the government signed an executive order two weeks earlier to create a strategic Bitcoin reserve. He cited David Sacks, who argued that Bitcoin is an asset without an issuer, created through “immaculate conception.” Speaking about Bitcoin, Saylor says it has decentralized value and is known as a store of value. This is why he describes it as “digital gold.”
Bitcoin is an ideology and a protocol, and it is a moral phenomenon; it cannot be changed and can never be changed. Saylor also announced the “21 Truths of Bitcoin,” reiterating that Bitcoin plays a vital role in global finance.
Bitcoin is trading significantly lower than Saylor’s lofty predictions. Only time will tell whether his $13 million price prediction will come true. Nevertheless, his conviction in the cryptocurrency’s potential remains intact, and he continues to write his Bitcoin-first approach to strategy.
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