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1 The best cryptocurrency to buy before it goes up 12,000%, according to this CEO
Bitcoin’s most fervent supporter didn’t hesitate to explain why he thinks the cryptocurrency has many advantages.
There are few people who can say they are big fans Bitcoin (Bitcoin -1.33%) compared to Michael Saylor. The CEO of MicroStrategy (MSTR 1.25%) has become what could only be described as a Bitcoin evangelist.
Over the past four years, his company has embarked on a strategy of replacing all available liquidity with Bitcoin and, in some cases, even going into debt to buy more Bitcoin. Today MicroStrategy owns approximately 1% of the total supply of Bitcoin.
It may seem absurd to some to do such a thing, but if all goes according to plan, Saylor’s decision to pursue the Bitcoin strategy could earn him and his company billions, especially if Bitcoin reaches his recent prediction of 8 million dollars per coin, a 12,000 percent increase over the current price. Here’s how and why Saylor believes the global cryptocurrency can maintain its historic pace.
Image source: Getty Images.
Saylor calls his shot
Over the weekend, the city of Prague hosted the largest Bitcoin conference in Europe and one of the keynote speakers was none other than Michael Saylor. Titled “21 Rules of HODLing,” Saylor’s talk delved into the dos and don’ts when investing in Bitcoin, some of the lessons he’s learned and, of course, a bit of speculation.
He made several points, but the most compelling one highlighted the simplicity and role of Bitcoin (and why he thinks the cryptocurrency has what it takes to reach $8 million per coin).
In his eyes, Bitcoin is the main safe haven asset. Its decentralized and virtually impenetrable network makes Bitcoin immune to the manipulation that has become so widespread in the current financial system.
In other words, not only can holders have confidence that their hard-earned cash saved in Bitcoin will be there when they need it, but it will likely be worth more as time goes on. This is because only 21 million Bitcoins will be created and the speed at which these Bitcoins will enter the market is decreasing thanks to halving.
While terms like “proof of work” AND “decentralized networks” might sound like a foreign language to some investors, Saylor explained that while the inner workings of Bitcoin may be abstract, at its essence, Bitcoin is simple, reliable and constant – something the existing economic and financial landscape cannot claim.
In today’s world, economies and markets are pushed, pulled and manipulated by regulators and the agencies that oversee them, Saylor said. In his opinion, this inevitably ends up harming those who are forced to participate in this unfair game, prone to inflation, ever-expanding debt and constantly changing policies.
But with Bitcoin there is a way out. Holders can rest assured that there will only ever be 21 million coins, that halvings will occur approximately every four years, and that nothing will change, regardless of who is the president, president, or director of some agency. And Saylor believes the world is starting to recognize this paradigm shift.
As more and more people recognize that the existing financial system is like a leaky ship that does not serve the interests of the common person, Bitcoin will benefit as it is the antithesis of fiat currencies and the ultimate cryptocurrency.
Zooming out a little
While Saylor believes there are other factors and catalysts that will play into Bitcoin’s growth (i.e., the rise institutional investor interest, financial censorship and geopolitical instability), it is the resilience and simplicity of the cryptocurrency that will make it the leader of all assets and is why it is on track to reach $8 million per coin.
While he didn’t specify a timeline, the CEO probably doesn’t care. As he said in an interview with Fox News a few months ago, “I will buy at the highest levels forever.” This encapsulates his belief that Bitcoin’s unique qualities will position it for eternal price appreciation as the destruction of the existing financial system continues.
A few things to keep in mind
Saylor’s projection is not new or special. Since Bitcoin launched in 2009, there have been thousands of predictions about how high the cryptocurrency would go. And while there’s no telling whether Bitcoin has what it takes to reach $8 million per coin, two things are certain. First and foremost, Bitcoin has defied almost every expectation over its fifteen and a half years of existence. And two, Bitcoin is still early in its adoption curve.
While it has come a long way and has millions of users worldwide, it is on track to become just as transformative as the Internet and will likely reach a similar number of users one day. Rest assured, while Bitcoin may not reach Saylor’s optimistic projection, what is certain is that demand for its 21 million coins will come under increasing pressure in the years to come.