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Michael Saylor recently answered questions from Sky News Arabia in Abu Dhabi. The US entrepreneur affirmed his confidence in a Bitcoin price of one million US dollars, which will take a maximum of ten more years. In the long term, BTC will even surpass gold, he argues, giving concrete reasons.
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Michael Saylor: Bitcoin rises to one million US dollars
Bitcoin maximalist Michael Saylor is convinced that Bitcoin will rise to one million US dollars – he recently stated this in an interview with Sky News Arabia. The recording was broadcast on television in the United Arab Emirates.
“That Bitcoin will rise to one million US dollars is inevitable,” Saylor explained in response to a specific question.
Bitcoin will not need much time to reach a seven-figure market value, Saylor argues. It could be that far within the next decade, the American estimates – i.e. by 2035.
Part of its price development comes from its competition with gold. Saylor calls Bitcoin digital gold. He suspects that BTC is increasingly replacing the precious metal as a store of value.
So far, gold is by far the most important investment on earth. It has been considered valuable since ancient times and is therefore invested in by people. Bitcoin and gold have both recorded massive gains over the past few years.
With a market capitalization of 30.1 trillion US dollars, however, gold is the undisputed leader. Bitcoin’s market capitalization is 1.7 trillion US dollars, putting it in eighth place among all investments.
However, Saylor rates the fundamentals of Bitcoin higher than those of gold. The precious metal will not be able to keep up with Bitcoin’s growth rate in the long term.
“I expect gold to continue to play a role, but Bitcoin will push it aside. (…) Bitcoin will grow faster,” he replied when asked whether the precious metal would already be a relic of the past in 20 years.
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This is why the Bitcoin price will be seven figures
In an interview with Sky News Arabia, the well-known head behind the extensive Bitcoin investments of the software developer Strategy also revealed why he is so convinced of a seven-figure Bitcoin price.
BTC will prevail as the leading digital monetary system, Saylor believes. Because the cryptocurrency has so far grown predominantly through private investments, the growth potential is enormous.
“I expect Bitcoin’s rise as the dominant digital monetary system and as the world’s reserve currency. I believe that [its market capitalization] will rise from two trillion to 20 trillion and eventually to 200 trillion US dollars in the next 20 to 30 years.”
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The precious metal’s return cannot keep pace with this. BTC, Saylor prophesies, will be ten times as high as that of the precious metal.
The cryptocurrency is the most important representative of a digitization of capital and, as such, opens up new opportunities for investors. It can therefore be easily transferred across borders without losing its characteristics as a store of value.
“Over the last 3,000 years, people have used gold as commodity capital. Bitcoin is digital gold. If you wanted to improve gold, you would design it so that it can be teleported and introduce a limit,” says Saylor.
Did you know? This is why Arthur Hayes considers a Bitcoin price of one million US dollars inevitable!
