MicroStrategy Inc. (NASDAQ:MSTR) Chairman Michael Saylor says you can never have too much Bitcoin.
While this isn’t surprising coming from one of the world’s largest Bitcoin investors, his comments could influence markets and provide more insights into why he believes Bitcoin (BTC) is a great investment.
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Saylor’s company has acquired over 214,000 BTC in the past several years, holding more than 1% of the entire supply. MicroStrategy bought the tokens for an average price of around $35,000 and used a $700 million convertible bond offering to purchase more Bitcoin in March. MicroStrategy has since rebranded into the “world’s first Bitcoin development company.”
With this huge investment, Saylor sees the price of Bitcoin continuing to increase. Saylor details several reasons he thinks Bitcoin is poised to do well in the coming months and years.
First, he sees the upcoming Bitcoin halving, expected to occur this week, as a major catalyst moving forward.
“You’re going to see $12 billion of natural selling per year converted into $6 billion of natural selling per year,” Saylor said.
The halving will decrease the amount of new tokens added to the supply of each block, which would theoretically decrease selling pressures and allow the price to go up. The previous Bitcoin halvings have also served as price catalysts in the short term.
Trending: Bitcoin has jumped another 45% already this year – how much would you need to get started today?
Saylor also pointed out that the spot Bitcoin exchange-traded funds (ETFs) would provide more buying pressures on the market. These comments were made before the approval of the ETFs in January but have been largely correct. The spot Bitcoin ETFs have been the most successful in history, bringing in huge amounts of volume and propelling the price of Bitcoin higher.
Another point that is not discussed as often is the new accounting standard that changes the way corporations can account for Bitcoin on their balance sheets.
“This is going to open the door for corporations to adopt Bitcoin as a treasury asset and create shareholder value with their balance sheets,” Saylor said.
The standard, introduced by the Financial Accounting Standards Board (FASB) in late 2023, allows companies to include changes in the size of their crypto position in net income.
With these points in mind, Saylor sees a bright future for Bitcoin. Saylor said he believes “the industry moves to the next level and we 10x from here.”
At the time he made those comments, the price of Bitcoin was around $35,000. So, 10 times from those levels would mean that Bitcoin could go as high as $350,000, Saylor said. If this is the case, you would need to own 2.86 BTC to become a millionaire. It would cost around $190,000 today.
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This article Here’s How Much Bitcoin You Need To Become a Millionaire, According To Michael Saylor originally appeared on Benzinga.com
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