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Bitcoin Price Predicted to Soar to $6 Million: MicroStrategy CEO

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Tue, 12/21/2021 - 16:28
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Alex Dovbnya
MicroStrategy CEO Michael Saylor sees Bitcoin reaching $6 million one day
Bitcoin Price Predicted to Soar to $6 Million: MicroStrategy CEO
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MicroStrategy CEO Michael Saylor has predicted that the price of Bitcoin could eventually skyrocket to a whopping $6 million per coin in an interview with The Information.
 
Saylor is convinced that the price of the bellwether cryptocurrency is still far from reaching its long-term potential.

In early December, MicroStrategy announced that it had bought another $84 million worth, which brought its average purchase price to almost $30,000.

After making a killing with its foray into Bitcoin last year, MicroStrategy has generated only minuscule returns with the coins it loaded up in 2021.

The price of Bitcoin is up 70% since the start of the year, but it is down 29% from the all-time high peak that was logged last month. For comparison, the MicroStrategy stock is up roughly 40%. The benchmark S&P 500 index, for comparison, is up 22.33%.

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The business intelligence firm currently controls roughly $5.9 billion worth of crypto.

Yet, the underwhelming gains did not shake Saylor's faith in the largest cryptocurrency.

In a November interview with CNBC, Saylor made an overly optimistic prediction about Bitcoin going up forever:

Our view is [Bitcoin will] be volatile because it's plugged into the entire crypto market and it's new, but it's going up forever.

Saylor personally holds roughly $866 million worth of Bitcoin, according to his interview with The Information.

Those who have been keeping tabs on Saylor's comments should not be surprised by his uber-bullish prediction. In February, he said that the market cap of Bitcoin would reach $100 trillion one day, which means that it would double the current value of the U.S. stock market.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.