Michael Saylor, one of the biggest Bitcoin BTC/USD bulls in the space, has come up with another ultra-bullish forecast for the world's largest cryptocurrency.
What Happened: At the recent Bitcoin 2024 conference, the co-founder of “Bitcoin Development” company, MicroStrategy Inc. MSTR, predicted that King Crypto will hit an astounding $13 million per coin in 2045, according to his base case scenario.
He added that at this level, the digital currency would boast a market cap of $280 trillion, accounting for nearly 7% of global wealth.
While this figure appears impressive in isolation, when compared to the projected national GDPs of big countries, it is unprecedented.
According to Statista, China, India, and the U.S. will be the top three largest economies in 2050, with a combined GDP of $136 trillion, or half of Bitcoin's projected market cap in 2045. This suggests that the total GDP will be lower than the $136 trillion projection in 2045.
Note that market capitalization and GDP are two very different concepts, with the former talking about the price of financial assets, and the latter stressing on real incomes.
That said, it's not uncommon to use GDP as a useful variable for comparison purposes in this context.
Why It Matters: Saylor's bullish stance on King Crypto has dictated MicroStrategy's Bitcoin corporate reserve strategy.
At the time of writing, MicroStrategy is the world's largest corporate owner of Bitcoin, with holdings worth more than $15 billion, according to bitcointreasuries.net.
Meanwhile, former President Donald Trump's endorsement of Bitcoin at a recent event has boosted the expectations of the cryptocurrency community. Trump promised to set up a national Bitcoin stockpile for the U.S. and vowed to end the current administration’s “repression” of the industry.
Price Action: At the time of writing, Bitcoin was trading at $69,511.63, growing 3.13% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: MicroStrategy
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