Strategy CEO Michael Saylor has once again made a confident prediction regarding Bitcoin’s future, stating that the cryptocurrency’s price will hit $13 million in the next 20 years.
In a speech at the Digital Asset Summit, Saylor reiterated how Bitcoin’s singular attributes as a scarce digital commodity within the context of an asset class with no true competitors make it so attractive.
“I can stand here and say, I think Bitcoin’s gonna be $13 million in 20 years. “I could never say that about security,” Saylor stated, emphasizing Bitcoin’s legal classification as a commodity, not a security.
Bitcoin has the ultimate store of value due to its fixed supply
Saylor believes the 21 million coins of Bitcoin fixed supply makes it the only store of value, unlike traditional commodities like gold and oil. Unlike these assets that can be manufactured in greater volumes when demand rises, Bitcoin’s supply is fixed.
According to Saylor, all other commodities could be fabricated with technology, capital, and skill. But if the price of oil were to climb to $1,000 a barrel, then more expensive extraction techniques like fracking, triple-fracking, and hyper-fracking would come into play. He said the same went for gold, which suffered hyperinflation multiple times. But Bitcoin was different and the only real digital commodity.
As of writing, Bitcoin’s price is 1.8% higher than yesterday’s, trading at $85,208. According to CoinGecko data, it earlier rose above $86,000. However, Bitcoin still trades at 11% lower than a month ago.
Users of the on-chain prediction market MYRIAD, launched by DASTAN, are still bullish on Bitcoin. More than 74% expect it to close above $83,000 by the end of the week.
The US government recognized Bitcoin as a strategic asset
Saylor also referenced the recent ratification by the US government and its admission of Bitcoin as a strategic asset. He cited it as President Donald Trump’s executive order that created a Strategic Bitcoin Reserve.
Saylor says the President had signed an executive order two weeks earlier to create a Bitcoin strategic reserve. He cites David Sacks, who argued that Bitcoin is an asset without an issuer, created through an “immaculate conception.” Saylor, talking about Bitcoin, says it has decentralized value and is known as a store of value; therefore, he describes it as “digital gold.”
Bitcoin is an ideology and a protocol, and it’s a moral phenomenon; it can’t be altered and can never be changed. Saylor also announced the ’21 Truths of Bitcoin’ and reiterated that Bitcoin has a major role in the global financial world.
Bitcoin trades significantly lower than Saylor’s lofty predictions, so only time will tell if his $13 million price tag forecast will come to fruition. Still, his conviction in the cryptocurrency’s potential remains unshaken and continues to spell his Bitcoin-first approach at Strategy.
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