MSTR - 1 Top Cryptocurrency to Buy Before It Soars 13000% According to Michael Saylor of MicroStrategy
2024-07-03 09:39:00 ET
The meteoric rise of Bitcoin (CRYPTO: BTC) could be far from over, according to Michael Saylor, the executive chairman and co-founder of MicroStrategy (NASDAQ: MSTR) . At the Bitcoin Prague event in June, Saylor predicted that Bitcoin could eventually hit a value of $8 million per coin.
Given Bitcoin's current price of roughly $60,000, that would imply a more than 13,000% return on investment. That's equivalent to Bitcoin skyrocketing in price from $450 to $60,000 -- a process that took nearly a decade. As a result, it might be tempting to dismiss this bold $8 million prediction. But there are two very good reasons why Saylor might just be right.
Given that Bitcoin is a digital currency created by an algorithm, it has some very specific properties that distinguish it from traditional money. For one, it has a finite supply. You can't just print more Bitcoin, the way a cash-strapped government can print dollars. Only 21 million coins can ever exist, and the Bitcoin algorithm carefully controls the overall circulating supply. Moreover, Bitcoin is a completely decentralized currency, meaning that no sovereign power or government can control it.
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1 Top Cryptocurrency to Buy Before It Soars 13,000%, According to Michael Saylor of MicroStrategy