Cryptocurrency Bitcoin surges to a staggering $21 million valuation.
Michael Saylor, the founder of Strategy (formerly MicroStrategy), is one of the most convinced Bitcoin bulls out there. His company has been aggressively pursuing a Bitcoin strategy since August 2020, accumulating over 632,000 Bitcoins, currently valued at around $68.7 billion.
Saylor, who is also the editor-in-chief at Blocktrainer.de, with a background in economics and journalism, has been actively involved with Bitcoin since 2020. He recently presented a new Bitcoin price forecast at the Bitcoin conference in Prague.
In his forecast, Saylor predicts that the price of Bitcoin will reach $21 million per coin in 21 years. This forecast is significantly higher than his outlook a year ago. The annualized growth rate implied by this forecast is 28.5%.
Saylor argues that it's never too late to master the technology of Bitcoin and utilise it to one's financial advantage. He suggests a Bitcoin savings plan strategy with an annual investment of $50,000, increasing by 5% each year. According to his projections, this strategy would result in an ending balance of 1.9 BTC, worth $40 million, in 21 years.
Another approach suggested by Saylor is to start a company and use it to accumulate Bitcoin, like Strategy, Metaplanet, and others do. This strategy has proven successful for Strategy, as its stock has outperformed high-flyers like NVIDIA during this period.
Saylor also emphasises the importance of not paying high interest rates and having a long loan term when using leverage to accumulate more Bitcoin. He expects the same trend for volatility, i.e., the price range of Bitcoin, and anticipates strong fluctuations on the way to $21 million.
Despite the volatility, Saylor remains optimistic. He asserts that Bitcoin is technology, not speculation, and it's the ignorant speculators who think it's too late because they don't understand its digital nature. Saylor leaves the reader with the thought that it's never too late to do the right thing, and it's simple.
In conclusion, Michael Saylor's new Bitcoin price forecast offers a bullish outlook for the future of Bitcoin. His advice to master the technology of Bitcoin and use it to one's financial advantage may inspire many to join the Bitcoin revolution.
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