Michael Saylor Forecasts Bitcoin’s Market Cap Hitting $100 Trillion
In a recent interview, MicroStrategy CEO Michael Saylor predicted a $100 trillion market cap for Bitcoin fueled by increased adoption. The asset’s growth depends on regulatory stability - an area where many expect clarity on soon.
Michael Saylor, the chief executive of business intelligence firm MicroStrategy, is continuing with his bullish approach to cryptocurrencies, even despite the market downturn.
In a recent interview, the Bitcoin bull explained that developments in the market show Bitcoin’s increasing attraction to investors and that things will only get better from here.
Stability for Global Finance
On Tuesday, Saylor sat down for an interview with CNBC’s Squawk Box, where he gave his outlook of Bitcoin’s fundamentals. Among other things, the CEO explained that the asset would eventually hit a $100 trillion market cap as more investors get into the market and hold the asset.
Saylor’s comments came following Bitcoin’s significant rise over the weekend that saw the asset eclipse the $1 trillion market cap for the first time. However, since then, its price and market cap have fallen sharply as a market correction fueled by profit-taking has hit it hard.
Despite the pullback, Saylor remained unfazed. The CEO told CNBC that Bitcoin’s value would continue to grow as the asset gradually becomes a “stabilizing influence” for the global financial market. Eventually, the leading cryptocurrency should hit $100 trillion in market value. Saylor said,
“There’s a $500 trillion monetary planet, and the outer layer is currency, then you’ve got stocks, bonds, real estate. There’s $10 trillion worth of gold in there, $1 trillion of bitcoin in there. Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap.”
Regulatory Concerns Threaten Expected Growing Adoption
Saylor also shared his belief that billions of people worldwide will soon flood the Bitcoin market as they look to the asset to become more stable than other investment vehicles. The CEO explained that Bitcoin is “egalitarian, progressive technology,” adding that the asset has managed to reach a trillion-dollar market cap faster than several of the world’s most valuable companies today.
He explained that the world needs Bitcoin and that up to a billion people will store portions of their life savings in the leading cryptocurrency over the next five years.
The debate about whether this is possible can rage on, but Saylor has kept up with his Bitcoin evangelism for the past few months now. Since MicroStrategy purchased over a billion dollars in Bitcoin, the CEO has continued pumping the leading cryptocurrency every chance he gets.
Earlier this month, he said in an interview that Bitcoin is “a masterpiece of monetary engineering” that will go down as the world’s first engineered monetary network. Saylor has also continued to pump Bitcoin as a better alternative to fiat currency, which he describes as a “melting ice cube.”
While Saylor believes that Bitcoin’s profile will continue to rise, the asset will need a great deal of regulatory clarity to achieve escape velocity truly. A lot of hope is currently being placed on Janet Yellen and the other Biden administration members, many of whom appear to be focused on policy implementations and defeating the coronavirus.
At the same time, some of Yellen’s recent comments have given some cause for concern. At a New York Times DealBook conference earlier this week, the Treasury Secretary bashed Bitcoin for being a tool for illicit finance while also criticizing its inefficiency in transactions and the environmental impacts of mining.