Bitcoin demand could grow tenfold in a year: Michael Saylor
13 Nov 2023
Demand for Bitcoin could grow as much as tenfold by the end of next year, according to the co-founder of MicroStrategy and renowned Bitcoin bull, Michael Saylor.
Saylor discussed his forecast for the outlook for the world's largest crypto and its ecosystem over the next four to five years during his speech at the 2023 Australia Crypto Convention last week.
He started out by saying that between 2020 and 2024, Bitcoin went from being viewed as an "offshore unregulated asset" to an "institutionalised mainstream app," Cointelegraph reports.
In the near term, Saylor opined Bitcoin will become an "adolescent mainstream asset by the end of 2024," as he emphasised key supply and demand dynamics that will soon emerge.
"I think that this next 12 months is going to be big. Because demand [on a monthly basis] should double or triple or maybe go up by a factor of 10, anywhere from two to 10. [...] and the supply available for sale will be cut in half in April."
He went on to say: "So instead of a billion dollars of Bitcoin available for miners each month, it will be half a billion. It's pretty unprecedented that you would go from a supply and demand balance of maybe $15 billion of organic demand and $12 billion of organic supply. What happens when one doubles and the other one cuts in half? The price is going to adjust up," he said.
Furthermore, looking forward to between 2024 and 2028, Saylor forecasts Bitcoin will remain in a phase of high growth as adoption soars within the big tech industry and mega banks globally.
He also said he predicts great competition among firms such as Apple and Meta to acquire Bitcoin.
"You're going to have ferocious competition and will among Wall Streeters to get the most asset share and you're going to have crypto exchanges competing and you're going to have other tech companies getting involved. [...] That'll be one check."
"The other check will be when the big mega banks or Bitcoin custodians with JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, and, you know [...] when they're making loans and giving mortgages and customising it and buying and selling it. I think that'll be the second check," he continued.
Moreover, looking 25 years ahead, Saylor commented: "When it hits that terminal growth rate, maybe 20 years out, maybe 25 years, or it'll be growing twice as fast or compounding twice as fast as the S&P 500 Index, or any other diversified high-quality portfolio of assets you could buy.
"So if you think about it like that, you just say, well [...] now we're going to double, we're going to double again, we're going to double again, and we're going to double again, that coin is going to continue to progress to a million dollars a coin, $2 million a coin, $5 million a coin, $10 million a coin."
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