Bitcoin
Here’s How Much $50 in Bitcoin Could Be Worth If Michael Saylor’s Prediction Is Correct
Here’s How Much $50 in Bitcoin Could Be Worth If Michael Saylor’s Prediction Is Correct
Michael Saylor is co-founder and president of MicroStrategy, a software development company that has heavily emphasized Bitcoin in recent years. The company began investing in Bitcoin in August 2020 and has been purchasing tokens consistently since then. MicroStrategy has acquired more than 1% of all Bitcoin supplywith stakes valued at more than 15 billion dollars at current prices.
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MicroStrategy acquired the tokens for a cost of less than $35,000, meaning the position increased by more than 100% in total. Furthermore, the company used convertible notes to finance Bitcoin purchasesa somewhat risky move that favored MicroStrategy.
Saylor has become an outspoken supporter of Bitcoin, constantly posting on social media and appearing on different podcasts to discuss his bullish views on Bitcoin and crypto.
“I think it keeps going up forever. I mean, there’s no reason we can’t get to $10 million a coin,” Saylor said on Lex Friedman Podcast. This is just one of several times Saylor has mentioned $10 million as a price target for Bitcoin. Each time he applies similar logic to explain his reasoning.
Saylor points out that much of the world’s wealth is in assets that store value, such as gold, art and real estate. He believes that Bitcoin will soon overtake these other assets as a better store of value, as the code that determines Bitcoin’s supply is fully available and predictable. He argues that this is the most reasonable way to invest in an asset with a store of value. He believes that as more people learn about Bitcoin, more people will continue to invest in the asset, driving up the price.
If you purchased $50 worth of Bitcoin today, you could own approximately 0.0007 BTC. If the price of Bitcoin reaches $10 million, which would increase by almost 14,000%, your 0.0007 BTC would be worth $7,000.
It is also important to note that Saylor has an interest in making Bitcoin attractive to potential investors, as he and his company would benefit from price increases. He rebranded MicroStrategy as “the world’s first Bitcoin development company,” meaning the company would benefit even more from increased Bitcoin adoption. It’s important to take Saylor’s predictions with a grain of salt, as attracting more Bitcoin investors is in his best interest.
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Saylor’s logic is sound. With Bitcoin’s known supply, the price could theoretically continue to rise in perpetuity if more people invested. Getting more people to invest is the only obstacle to reaching the $10 million mark.
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This article Here’s How Much $50 in Bitcoin Could Be Worth If Michael Saylor’s Prediction Is Correct originally appeared in Benzinga. with
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