MicroStrategy Inc. (NASDAQ:MSTR) Chairman Michael Saylor says you can never have too much Bitcoin.
While this isn’t surprising coming from one of the world’s largest Bitcoin investors, his comments could influence the markets and provide more insight into why he believes Bitcoin (BTC) is a great investment.
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Saylor’s company has acquired more than 214,000 BTC in recent years, accounting for more than 1% of the total supply. MicroStrategy bought the tokens at an average price of about $35,000 and used a $700 million convertible note to buy more Bitcoin in March. MicroStrategy has since been rebranded as “the world’s first Bitcoin development company.”
With this huge investment, Saylor sees the price of Bitcoin continuing to rise. Saylor describes several reasons why he thinks Bitcoin will do well in the coming months and years.
First, he sees the upcoming Bitcoin halving, which is expected to take place this week, as a major catalyst for the future.
“You’ll see $12 billion in natural sales per year turn into $6 billion in natural sales per year,” Saylor said.
The halving will reduce the number of new tokens added to each block’s supply, which would theoretically reduce selling pressure and allow the price to rise. Bitcoin’s previous halvings have also served as a price catalyst in the short term.
Trending: Bitcoin is already up another 45% this year – How much do you need to get started today?
Saylor also pointed out that spot Bitcoin exchange-traded funds (ETFs) would add more buying pressure to the market. These comments were made before the approval of the ETFs in January, but were largely correct. The spot Bitcoin ETFs have been the most successful in history, delivering massive amounts of volume and pushing the price of Bitcoin higher.
Another point that isn’t discussed as much is the new accounting standard that changes the way companies can account for Bitcoin on their balance sheets.
“This will open the door for companies to adopt Bitcoin as treasury bills and create shareholder value with their balance sheets,” Saylor said.
The standard, which was introduced by the Financial Accounting Standards Board (FASB) in late 2023, allows companies to include changes in the size of their crypto position in net income.
With these points in mind, Saylor sees a bright future for Bitcoin. Saylor said he believes “the industry is going to the next level and we’re going to go tenfold from here.”
At the time he made these comments, the price of Bitcoin was around $35,000. So 10 times from these levels would mean Bitcoin could rise to $350,000, Saylor said. If so, you would need to own 2.86 BTC to become a millionaire. It would cost about $190,000 today.
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This article, Here’s How Much Bitcoin You Need to Become a Millionaire, according to Michael Saylor originally appeared on Benzinga.com
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