Michael Saylor believes that in 21 years, the price of bitcoin will reach $13 million,Here’s why

Recently, the executive chairman of MicroStrategy, Michael Saylor, made a statement concerning the future of Bitcoin: It is going to soar. Precisely, he predicted that Bitcoin would capture 7% of global capital and surge ahead of other investment assets.

At its current trading of less than $55,000, Bitcoin’s price will skyrocket by 70-fold, reaching roughly $3.85 million per coin shortly, according to his projection with CNBC.

He has attributed this likely increase in the price of Bitcoin to its technological advantage over all the other assets and its amazing historical returns.

Since MicroStrategy started buying this cryptocurrency back in August 2020, it has returned 44% per annum on average.

On the contrary, the S&P 500 index has posted an average gain of 12% within the same time period.

Bitcoin price prediction: MicroStrategy’s approach

The founder of MicroStrategy also justified a strategic approach behind the investment of his company in Bitcoin.

Instead, its issuance of convertible bonds for fundraising and further investment in Bitcoin earned MicroStrategy an astonishing 825% on its capital.

To put that into perspective, Nvidia-considered to be the S&P 500’s best-performing stock-is sitting at a return of 821%.

Saylor also commented on some recent market dynamics, like big outflows from Bitcoin ETFs.

Indeed, last week, Wall Street saw the withdrawal of $1.2 billion from Bitcoin ETFs amid the volatility in financial markets around the world.

This has made it the second-biggest week for digital asset products outflows this year, according to Bloomberg.

Despite such short-term setbacks, Saylor said these kinds of market fluctuations will, in his opinion, ultimately stoke higher demand for Bitcoin.

Going forward, Saylor’s view for Bitcoin is premised on the fact that long-term holders are set to outperform those with a short-term trading outlook.

The term “HODL,” which is a misspelling of “hold,” expresses holding a long-term investment view on digital assets.

Saylor’s immediate and long-term BTC price forecast

While he puts Bitcoin close to $4 million in a short-term prediction, Saylor is even more aggressive in his long-term prediction of the same.

He expects Bitcoin to reach $13 million each within the next two decades.

Bitcoin’s market capitalization currently stands at roughly $1 trillion, representing 0.1% of all capital worldwide. But even so, Saylor is optimistic that the number will balloon in the coming years, exceeding 13% of all capital worldwide before the turn of the decade to 2050.

Saylor predicted that in 21 years, Bitcoin price will reach the mindboggling $13 million per coin. Here’s when Scottie Pippen stepped in with his comment. Referring to his previous tweet, he asked Saylor if he too received that “knowledge” of Bitcoin reaching $13 million.

In a nutshell, Saylor said that Bitcoin is destined for a bright outlook owing to its technological advantages and performance so far.

Recent market fluctuations and the outflows from ETFs may have scared investors this time around, but Bitcoin is long-term fundamentally strong and is poised to surge more than today as far as global market share is considered.

Michael Saylor’s Bitcoin talk on CNBC

Saylor predicted that in 21 years, Bitcoin price will reach the mindboggling $13 million per coin. Here’s when Scottie Pippen stepped in with his comment. Referring to his previous tweet, he asked Saylor if he too received that “knowledge” of Bitcoin reaching $13 million.

Finally, Saylor was asked what share of the money from the gold market he expected to flow into Bitcoin. The head of MicroStrategy said that he believed that if now Bitcoin market capitalization comprised 0.1% of the global capital now, and he expects BTC to absorb 7% of it in the near future.