Michael Saylor Explains Why Right Now Is A ‘Pretty Ideal’ Time To Start Loading Up On Bitcoin: ‘We 10x From Here’
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MicroStrategy Inc (NASDAQ:MSTR) keeps building its Bitcoin (CRYPTO: BTC) position as Executive Chair Michael Saylor sees multiple catalysts ahead for the world's largest cryptocurrency.
What To Know: MicroStrategy reported third-quarter financial results and updated investors on its Bitcoin holdings after the bell on Wednesday. The enterprise software and business intelligence company said it acquired 6,067 Bitcoins during the quarter for an average price of $27,531.
MicroStrategy now holds a total of 158,400 Bitcoins at an average cost of $29,586 per coin.
Why It Matters: Bitcoin hit new highs for the year on Thursday.
In an interview on CNBC's "Squawk On The Street," Saylor highlighted several reasons why the price of Bitcoin could continue to climb.
A lot of the recent price appreciation has been due to increased optimism around the potential for a spot Bitcoin ETF to be approved. Saylor believes an ETF will be approved and when it does he expects it to accelerate adoption and institutional awareness, which should help drive prices higher.
The next Bitcoin halving is also set to take place in April 2024, which will reduce the number of Bitcoin rewards per block mined by 50%.
Saylor explained that most of the selling in the Bitcoin market comes from miners who are forced to sell to pay bills and pay off debt. Miner selling amounts to about $1 billion per month currently, or $12 billion per year. After the halving, that number will be cut in half, he said.
Related Link: Unlocking Value in Bitcoin Mining – Analyst Selects RIOT And CLSK As Top Picks
"Demand is going to increase, supply is going to contract … this is fairly unprecedented in the history of Wall Street … so if you've got a 12-month to 48-month time horizon, this is a pretty ideal entry point into the asset," Saylor said.
Bitcoin is a digital property without the risks and liabilities of commercial real estate. It's a digital commodity without the risks of gold and it's a digital tech investment without the risks of big tech, he said.
"You can never have too much Bitcoin," Saylor added.
He told CNBC that once adoption accelerates, banks on Wall Street begin managing Bitcoin and people take their eyes off all of the other "little shiny tokens," that the industry will go to the next level and "we 10x from here."
$BTC Price Action: Bitcoin hit new 17-month highs on Thursday. It was up 1.16% over the last 24 hours at $34,758 at the time of publication, according to Benzinga Pro.
Photo: Miloslav Hamřík from Pixabay.