Michael Saylor rejects crypto winter fears, says Bitcoin ‘going to $1M’

Michael Saylor, the chairman of MicroStrategy, has dismissed concerns about a potential return of a crypto winter, suggesting that Bitcoin's increasing adoption and limited daily supply will propel it to a $1 million valuation.

"Winter is not coming back," Saylor stated in a Bloomberg interview on Tuesday. "We're past that phase; if Bitcoin's not going to zero, it's going to $1 million."

Echoing this bullish sentiment, ARK Invest, a prominent asset management firm, revised its "bull case" Bitcoin price target upwards in April, projecting a potential $2.4 million valuation by the end of 2030, a significant increase from its previous $1.5 million estimate.

Saylor explained that approximately 450 Bitcoin (BTC) are mined and made available for sale each day, representing roughly $50 million in value at its current price.

"If that $50 million is bought, then the price has got to move up," Saylor asserted.

Michael Saylor (right) speaking with Bloomberg on June 10. Source: Bloomberg

He further emphasized that the growing number of publicly traded companies investing in Bitcoin are absorbing "the entire natural supply." MicroStrategy, under Saylor's leadership, has accumulated 582,000 Bitcoin since initiating its purchases in 2020, an amount currently valued at approximately $63.85 billion, according to Saylor Tracker data.

"At the current price level, it only takes $50 million to turn the entire driveshaft of the crypto economy one turn."

However, Saylor cautioned that if Bitcoin were to surge to $500,000 or $1 million, a subsequent correction of around $200,000 per coin could be anticipated.

Saylor believes there is ample evidence within the broader economy to support his optimistic outlook for Bitcoin. "You have all the evidence you need to determine that," Saylor said.

Strategy holds 582,000 Bitcoin at the time of publication: Source: Saylor Tracker

He highlighted the support of former US President Donald Trump for Bitcoin, along with endorsements from figures like former US Treasury Secretary Scott Bessent and former Securities and Exchange Commission chair Paul Atkins. He also noted the increasing readiness of traditional banks to offer Bitcoin custody services.

"Bitcoin has gotten through its riskiest period; the accounting has been corrected," Saylor said.

Saylor also pointed to the actions of BlackRock and other Bitcoin exchange-traded fund (ETF) providers in acquiring Bitcoin daily, as well as the entry of nation states into the Bitcoin space. On May 28, Bilal Bin Saqib, head of Pakistan’s crypto council, announced that the country is moving to establish a strategic Bitcoin reserve.

This article is for informational purposes only and does not constitute investment advice. All investment decisions involve risk, and readers should conduct thorough research before making any decisions.