Bitcoin
Michael Saylor Outlines Scenarios for Bitcoin’s $49 Million Price Target By Investing.com
Investing.com — The future of the mining industry has never looked brighter, according to HC Wainwright, following the most anticipated summit in Bitcoin’s 15-year history, held in Nashville, Tennessee.
The Bitcoin 2024 event was attended by over 20,000 attendees, including two presidential candidates, former US President and Republican nominee Donald J. Trump, several US Senators including Cynthia Lummis, and industry leaders such as MicroStrategy’s Michael Saylor.
“It was refreshing for the entire Bitcoin community to hear the overwhelming support for both Bitcoin and the mining industry from several US politicians,” wrote HC Wainwright.
Donald Trump’s speech at the conference, the first by a US president at a Bitcoin event, was a major highlight. He compared the primary currency to the steel industry of 100 years ago and outlined a plan to make the US the “crypto capital of the planet” and the “Bitcoin superpower of the world.”
His plan includes supporting Bitcoin mining and AI expansion, creating a national Bitcoin stockpile, establishing a presidential cryptocurrency advisory board, and advocating for the right to self-custody of cryptocurrencies. The Republican nominee has also called for rejecting a Central Bank Digital Currency (CBDC), firing current SEC Chairman Gary Gensler, ending “Operation Choke Point 2.0,” and creating a regulatory framework for stablecoins.
Presidential candidate Robert F. Kennedy Jr. and Senator Lummis have also proposed strategies for accumulating Bitcoin. RFK has promised to transfer the US government’s Bitcoin holdings to the Treasury and to purchase 550 Bitcoin daily until a reserve of at least 4 million Bitcoin is reached. Senator Lummis has introduced a bill to establish a strategic Bitcoin reserve, proposing to accumulate 1 million Bitcoin over five years.
HC Wainwright also discussed institutional allocations to Bitcoin ETFs, which could be a major short-term catalyst for the original cryptocurrency. Despite decent demand since the launch of spot Bitcoin ETFs in January, adoption by major wealth advisory platforms has been slow. However, many platforms are speeding up their approval processes for these ETFs, and we could see them launch this year.
BlackRock (NYSE:) also highlighted Bitcoin’s low correlation with other assets and its potential as a hedge against currency devaluation, inflation and de-dollarization as key selling points.
One big headliner was Michael Saylor, who introduced his low, base, and high case price targets for Bitcoin at $3 million, $13 million, and $49 million by 2045. These targets assume annual growth rates of 21%, 29%, and 37%, all lower than Bitcoin’s 60% annual growth rate over the past decade. Saylor’s analyses are influential in the Bitcoin community, and his targets, while aggressive, are taken seriously.
HC Wainwright came away from the event increasingly bullish on Bitcoin and miners, identifying three positive near-term catalysts: the presidential election in November with pro-Bitcoin candidate Trump leading the race, the potential for major financial advisory platforms to begin strategic allocations to Bitcoin via ETFs in the next 12 months, and Fed rate cuts.