could regain its all-time high in November 2021 in 2026 and soar even higher if valuation fundamentals change, according to high-profile cryptocurrency proponent Michael Saylor.
Saylor, the president of the business intelligence software company
(ticker: MSTR) – said at MarketWatch’s Best New Ideas in Money Festival On Wednesday, Bitcoin could return to its $68,990 peak “sometime in the next four years.” He added that Bitcoin could reach $500,000 in the next decade as the market cap of the largest crypto-currencies.often billed as “digital gold”— corresponds to that of real gold.
Bitcoin was trade around $19,200 on Wednesdaymore than two-thirds below last year’s all-time high.
Has a dramatic defeat swept the digital asset market in 2022, with Bitcoin leading the charge lower as the space’s market cap collapsed to less than $1 trillion from nearly $3 trillion less than a year ago. Declines have been driven by forces within crypto-like the collapse of a key token-as well as a broader stock market sell-off as investors have dropped risk-sensitive assets amid scalding inflation and rising interest.
Now Saylor said he is monitoring Bitcoin’s simple four-year moving average — that’s about $20,000 — to look for a potential bottom for the crypto market. “I think this is stable,” he said. “The next logical stop for Bitcoin is to replace gold as a non-sovereign store of value assets.”
It is the well-known rhetoric of Saylor, whose leadership of
– which he co-founded in 1989 – has been characterized by a major commitment to crypto in recent years. MicroStrategy started buying Bitcoin in mid-2020 to maintain its balance sheet and has become an influential “whale” in the crypto market.
Saylor stepped down from his role as CEO joined the company earlier this year to focus on its crypto strategy. He added at the MarketWatch festival that the company is also developing the Lightning Network, a payment network built on top of Bitcoin.
Crypto continues to polarize. On the same day as Saylor’s comments,
(JPM) CEO Jamie Dimon doubled his opinion that Bitcoin was “worthless”, saying that crypto tokens are “decentralized Ponzi schemes, and the idea that it is good for everyone is incredible.”
Write to Jack Denton at: [email protected]