Michael Saylor, co-founder of MicroStrategy, predicts that BTC demand might increase by a factor of 10 by the end of 2024, thanks in large part to the next Bitcoin halving. On November 10th, Saylor spoke at the 2023 Australia Crypto Convention, where he was asked to forecast the future of Bitcoin and its associated ecosystem over the course of the next four to five years.
In response, Saylor originally presented a breakdown on the era between 2020 and 2024, stating that Bitcoin changed from being considered as an “offshore unregulated asset” to an “institutionalized mainstream app.”
Banking on Bitcoin
Focusing on the short term, Saylor predicted that Bitcoin will become a “adolescent mainstream asset by the end of 2024,” citing important supply and demand forces that would soon come into play.
Saylor stated:
“I think that this next 12 months is going to be a big. Because demand [on a monthly basis] should double or triple or maybe go up by a factor of 10, anywhere from two to 10. […] and the supply available for sale will be cut in half in April.”
Moreover, Saylor went on to call the next year a “coming out party” for Bitcoin as it leaves “college” and enters the “real world.” Also, looking forward to the years 2024–2028, Saylor forecasts that Bitcoin will remain in a period of rapid expansion as widespread acceptance occurs throughout the huge tech industry and giant banks across the globe.
Saylor said that he anticipates fierce rivalry among tech giants like Apple and Meta (Facebook) to acquire BTC to flip for huge returns. As of November 1st, 2023, MicroStrategy has 158,400 BTC in its possession. Also, according to the MicroStrategy press release, the average cost per bitcoin was $29,609.65, for a grand total of $4.69 billion.
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