Former MicroStrategy CEO Michael Saylor, known for his support for Bitcoin, made new statements after his last BTC purchase and the announcement of MicroStrategy's last quarter earnings reports.
At this point, Michael Saylor, who participated in CNBC's Squawk on the Street program, reiterated his support for BTC and said that he believed that Bitcoin would rise in an unprecedented way in the near future.
Saylor, who thinks that the Bitcoin price will increase 10 times, listed three important catalysts for this upward target.
According to the famous name, the first catalyst was the halving event, which is expected to take place in April 2024.
Stating that at this point miners need to sell BTC to continue mining Bitcoin, Saylor said, “You can never have too much Bitcoin.”
“Miners need to sell in order 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 their annual sales of $ 12 billion, 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 moves 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.