BitcoinKnown for his support to Former MicroStrategy CEO Michael Saylormade new statements after his last BTC purchase and the announcement of MicroStrategy’s last quarter earnings reports.
at this point Participating in CNBC’s Squawk on the Street program, Michael Saylor reiterated his support for BTC and said that he believes that Bitcoin will rise in an unprecedented way in the near future.
Saylor thinks that the price of Bitcoin will increase 10 times. He listed three important catalysts for this bullish target.
According to the famous name, the first catalyst was the halving event, which is expected to take place in April 2024.
Saylor stated that at this point, miners need to sell BTC to continue mining Bitcoin. “You can never have too many Bitcoins” said.
“Miners need to sell to continue. Miners currently sell approximately $1 billion worth of BTC per month. However, with the halving event expected to occur in April 2024, the amount of BTC that miners can sell will be halved.
This means that after the halving, miners will be able to sell only half of the $12 billion in sales they make annually, that is, they will be able to sell $6 billion of BTC.
This will significantly reduce sales pressure. “In contrast, a possible approval of spot bitcoin ETFs will increase buying pressure.”
Citing the new rules to come in the USA as the second catalyst, Saylor argued that after these rules, companies in the USA will be able to report their Bitcoin assets with fair value accounting, which will attract more investors.
Stating that the third catalyst is investors moving away from 100,000 cryptocurrencies such as Bitcoin, Michael Saylor said:
“For the industry to move to the next level, we need to move to adult supervision. Investors need to move away from the 100,000 cryptocurrencies they converted into Bitcoin.
“Once the industry stays away from smaller tokens that distract and destroy its value, the industry will move to the next level and Bitcoin will grow 10x from there.”
*This is not investment advice.
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