Here’s Why Bitcoin Will Go Up Forever, According to MicroStrategy’s Michael Saylor
MicroStrategy CEO and Bitcoin billionaire Michael Saylor has reiterated his bullishness on BTC, believing the top cryptocurrency will ultimately just “go up forever" based on a number of factors.
Speaking alongside Blockstream’s Samson Mow in an interview with CNBC, Saylor doubles down on his theory that the endless inflation of fiat currencies will ultimately mean a comparatively stronger and stronger BTC, which has a fixed supply.
“If you look at the world currencies, they’re inflating at 10% or more a year for the past 30 years, maybe as much as 14% a year. You can expect they’ll keep inflating of the next 30 years and so Bitcoin measured in currencies of the world and in currency derivatives is going to keep going up, with volatility albeit…”
“In Argentina, the dollar used to trade at a dollar per peso, and now the dollar is approaching two hundred pesos. The dollar is going up forever against the Peso, the dollar has gone up forever against the Venezuelan bolivar. So a strong asset is going to go up a weak asset forever. Since we know that nobody in the universe can create anymore Bitcoin.”
Commenting on Bitcoin’s competition with gold as a store of value asset, Saylor emphasized that the yellow metal is not as verifiably fixed as the top crypto. The CEO, whose company holds over $7.2 billion worth of Bitcoin on its balance sheet, also believes that “bankers can re-hypothecate gold” and notes that much more paper gold exists than physical.
“Bitcoin is the dominant digital monetary network and because it’s dominant and because it’s fixed, it means that it’s the most reliable, highest integrity, scarcest thing in the financial universe.”
Saylor first began buying Bitcoin in August of 2020, shortly after the fallout from the pandemic-induced economic crisis. Since then, his business intelligence software company MicroStrategy has amassed the largest corporate holding of Bitcoin.
The billionaire’s forecast of Bitcoin going up forever falls in line with many popular Bitcoin analysts, most notably pseudonymous quantitative analyst PlanB, whose stock-to-flow (S2F) model predicts an average price of $840,000 between 2025 and 2028, and presumably upwards from there. PlanB also predicts Bitcoin's scarcity will eventually allow it to replace much of the gold, real estate, and other store-of-value markets.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.