MicroStrategy Inc. MSTR co-founder and one of the biggest Bitcoin BTC/USD advocates, Michael Saylor, deemed the King Crypto's recent surge as just the beginning, subtly hinting at its enormous potential.
What Happened: Saylor took to social platform X to remark, "The price of $BTC is still less than $0.08M." In other words it was less than $80,000.
One of the biggest Bitcoin whales, Saylor cheered other proponents like him, many of whom believe in the cryptocurrency’s million-dollar potential.
Why It Matters: It is noteworthy that previously Saylor has made similar declarations. In February, he reminded his followers on X that the value of Bitcoin was less than $0.05 million. His method of valuing the cryptocurrency in decimals underscores his belief in the asset’s upside.
He had previously said, “If Bitcoin is not going to zero then it’s going to $1 million. If it’s a legitimate institutional asset then everybody is under-allocated to it.”
Bitcoin came close to breaking its all-time high on Monday, following a rip above $71,000 for the first time in 7 weeks. The prize digital asset was up 15% over the week, and more than 9% over the month, as investors' risk appetite for cryptocurrencies rose sharply.
Top analysts amped up their bullish expectations for the apex cryptocurrency following the launch of spot Bitcoin ETFs earlier this year. British multinational bank Standard Chartered forecasted a surge to $100,000 by the end of the year, and close to $200,000 by the end of 2025.
These predictions appear conservative in comparison to former Twitter Boss' Jack Dorsey's belief in the cryptocurrency hitting $1 million by 2030 or Ark Invest CEO Cathie Wood's $2.3 million bet by 2030.
Price Action: At the time of writing, Bitcoin was trading at $71,161.22, following a 7.60% increase in the last 24 hours, according to data from Benzinga Pro. MicroStrategy shares closed Monday's trading session 9% higher at $1,727.24.
Editor’s Note: The headline has been updated to correct the spelling of Michael Saylor’s name.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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