By
Chimamanda U. Martha
June 28th, 2024
Michael Saylor expects the BTC price to hit $10 million while confidently predicting that the Chinese people and government would embrace Bitcoin.
With all the FUD surrounding Bitcoin amid the current selling pressure and BTC price correction, MicroStrategy executive chairman Michael Saylor has shared his outspoken views in his recent podcast interview. Saylor claimed that Bitcoin has attained “economic immortality” and that he expects the BTC price to rally all the way to $10 million by 2030. Saylor said:
“The cost of Bitcoin’s going to go up to ten million dollars a coin”. He further referred to Bitcoin as the perfect money stating that “Perfect money is economic immortality. Imperfect money is: we all have a short, brutal life.”
The key takeaway from Michael Saylor’s recent interview was regarding the future of money wherein BTC would serve society in the form of a corporate immortality machine. Michael Saylor posed a thought-provoking question: “What if I told you I could make your company live forever?” He argued that, from an economic perspective, the advent of Bitcoin has rendered everything that preceded it obsolete. Saylor said:
“Economics is pseudoscience before Satoshi. It’s a quasi-religious liberal art and it’s full of people’s opinions and prejudices and biases. … All the economists before Satoshi were trying to work out the laws of economics with seashells and glass beads and pieces of paper and credit instruments.”
Bitcoin Provides Corporate Immortality
Michael Saylor’s arguments majorly revolved around the idea that companies that invest in Bitcoin are likely to last longer than those who continue to be negligent of it. In the interview, he said:
“The average life expectancy of a corporation is something like 10 years. … We’re talking about eliminating corporate mortality, we’re talking about stretching economic vitality easily by a factor of 10, maybe by a factor of a hundred, maybe by a factor of a million.”
Regarding the specifics of how this would work, Saylor seems to have a clear plan. He confidently predicted that the Chinese people and government would eventually embrace Bitcoin. Additionally, he forecasted that, at some point in the future, a single Bitcoin would be worth $10 million.
Last week, Michael Saylor’s Microstrategy announced the purchase of 11,900 additional Bitcoin funded by $800 million worth of convertible notes. The BTC price has already corrected 5% since then. However, MicroStrategy’s average purchase price currently stands at $36,798 with the company holding 226,331 Bitcoins accumulated over the last four years.