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Here’s how much $50 worth of Bitcoin could be worth if Michael Saylor’s prediction is correct
Here’s how much $50 worth of 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 steadily purchasing tokens since then. MicroStrategy has acquired more than 1% of the entire Bitcoin supplywith holdings worth more than $15 billion 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 worked in MicroStrategy’s favor.
Saylor has become an extremely outspoken Bitcoin advocate, posting constantly on social media and appearing on several podcasts to discuss his bullish views on Bitcoin and cryptocurrencies.
“I think it’s going to continue to go up and up. I mean, there’s no reason why we can’t get to $10 million a coin,” Saylor told the Lex Fridman podcast. This is just one of the many 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 resides in assets that store value, such as gold, art and real estate. He believes that Bitcoin will soon surpass these other assets as the best store of value, as the code that determines Bitcoin’s supply is entirely available and predictable. He argues that this is the most sensible way to invest in a store of value asset. He believes that as more and more people learn about Bitcoin, more and more people will continue to invest in the asset, driving up its price.
If you purchased $50 worth of Bitcoin today, you would own approximately 0.0007 BTC. If the price of Bitcoin hit $10 million, which would increase nearly 14,000%, your 0.0007 BTC would be worth $7,000.
It is also important to note that Saylor has a vested interest in making Bitcoin attractive to potential investors, as he and his company would benefit from rising prices. He rebranded MicroStrategy as “the world’s first Bitcoin development company,” meaning the company would benefit further from greater Bitcoin adoption. Taking Saylor’s predictions with a grain of salt is important, 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 forever if more people invest. Getting more people to invest is the only obstacle to reaching the $10 million threshold.
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This article Here’s how much $50 worth of Bitcoin could be worth if Michael Saylor’s prediction is correct originally appeared on Benzinga.com
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