- MicroStrategy’s Michael Saylor said that Bitcoin could bring in $68,000 in four years and then hit $500,000 in the next decade.
- Bitcoin bulls shared their thoughts on the world’s largest cryptocurrency at Marketwatch’s Best New Ideas at Money festival on Wednesday.
- Although bitcoin is down nearly 60% so far in 2022, MicroStrategy continues to buy the token’s decline.
MicroStrategy co-founder and CEO Michael Sayler expects Bitcoin to return to a November high of around $69,000 in the next four years, adding that the token could hit $500,000 sometime in the next decade. Is.
Speaking at the Marketwatch Best New Ideas at Money Festival on Wednesday, he also noted that he is monitoring Bitcoin’s four-year moving average — which currently sits around $20,000 — for signs of downside.
“It touched it many times,” he said. “I think it’s stable.”
Bitcoin was trading at around $19,198.60 early Thursday.
In the same interview, the famous Bitcoin Bull Cap compared the world’s largest cryptocurrency to gold’s classic inflation hedge.
“The next logical step for bitcoin is to replace gold as a non-government store of value,” he said.
The microstrategy, Saylor said, is still building the Lightning Network, a payment protocol that uses the Bitcoin blockchain.
Although Bitcoin is down about 60% so far in 2022, Saylor’s MicroStrategy continues to buy into the coin’s decline. Between August 2 and September 19, the company bought $6 million worth of bitcoin.
According to MarketWatch, Saylor personally owned about 17,732 bitcoins, which he bought at an average price of about $9,500.
MicroStrategy shares, like Bitcoin, are down about 64% year to date.