Bitcoin Is ‘Economic Immortality’, BTC Price Will Hit $10 Million A Coin — Michael Saylor
By Brenda Ngari – June 24, 2024
One of the crypto industry’s best-known pundits insists that Bitcoin will reach $10 million per coin.
In a recent 84-minute podcast interview, Michael Saylor, co-founder and executive chairman of business intelligence firm MicroStrategy, explained how Bitcoin offers “economic immortality” and claimed the entire country of China would support the benchmark cryptocurrency.
Bitcoin To Eliminate Challenges Of Corporate Mortality
During the discussion with Bitcoin podcast host Robin Seyr, Michael Saylor shared the belief that companies investing in Bitcoin are positioned to outlive those stuck in the corporate dysfunction of old. Saylor believes Bitcoin helps eliminate corporate mortality by extending economic vitality “by a factor of 10, maybe by a factor of a hundred, maybe by a factor of a million.”
By acting as a secure, verifiable store of value, Bitcoin can enable the efficient transfer of capital across generations, essentially serving society as a sort of corporate immortality machine.
This vision stems from the flagship crypto’s ability to hedge against traditional economic shortcomings like inflation and fiat currency devaluation. The Bitcoin bull argues that “perfect money,” like Bitcoin, safeguards against such pitfalls, while “imperfect money,” like fiat currencies, makes firms vulnerable.
Saylor further postulates that Bitcoin’s decentralized design and fast transaction speeds have the potential to profoundly reform global payments, offering a near-instantaneous, cheaper alternative to legacy banking systems. This could be especially revolutionary in developing economies, where citizens have little access to financial services.
“Capital has never been programmable before, but with science, Bitcoin allows us to channel capital through time and space. This means we could eventually enable global payments for 8 billion people at the speed of light, directly from a mobile phone, without intermediaries,” he posited.
Why Bitcoin Is Poised To Reach $10 Million, Earn Support From China
Saylor is optimistic that the Chinese people and government would embrace Bitcoin. He suggests the possibility of a Chinese-listed Bitcoin exchange-traded fund (ETF), which would grant China’s massive population exposure to the benchmark crypto:
“When the Bank of Shanghai rolls out a Bitcoin ETF, providing custody services, it will give access to 1.5 billion people in China.”
While it remains uncertain that China will make this move, spot Bitcoin and Ether ETFs have already been conditionally approved in Hong Kong. This widespread adoption, Saylor asserts, would considerably impact global Bitcoin prices and usher in a new era of financial stability.
More striking, however, the outspoken Bitcoin evangelist predicted that a single Bitcoin would cost $10 million at some point in the future. This sky-high price prediction highlights Saylor’s belief in Bitcoin’s long-term value proposition.
Saylor has not only led MicroStrategy to its purchase of 226,331 BTC worth over $14 billion over the past almost four years — the latest being the acquisition of 11,931 BTC just last week — but he’s also evangelized for other corporations to make Bitcoin a part of their treasury strategies.
DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Brenda Ngari and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
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