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MicroStrategy CEO Michael Saylor is explaining why he’s bullish on Bitcoin to the corporate world.
In an interview at MicroStrategy’s World Now Summit, which brought together hundreds of companies interested in learning more about BTC, Michael Saylor touts the leading cryptocurrency’s advantages in an increasingly digital era.
The CEO says he believes Bitcoin can save companies from incoming inflation, allow them to plug into a revolutionary and superior monetary network, and that, in his mind, the cryptocurrency will become a multi-trillion dollar asset.
“…We realized that we needed to find a way to virtualize our money because the financial response to the pandemic is one of monetary expansion, and the monetary expansion has created inflation and the asset inflation has created a stampede to a new monetary system, a better monetary system…
[BTC] may very well become north of $100 trillion in monetary value. And every company has a treasury which would benefit from plugging into it. And every financial company would probably benefit from plugging its products or financial services in this network…”
Not only does Saylor believe that corporations could protect their cash reserves by putting Bitcoin on their balance sheets, but Decrypt reports that the CEO is confident that a number of firms will do so in the coming year.
“The simple solution is convert some of that cash into Bitcoin. We did it, Square did it. You’re going to see an avalanche of companies in the coming 12 months also converting their balance sheets into Bitcoin because it’s a scarce digital safe haven asset.”
Over the course of the summit, Saylor highlights that as the world moves forward and individuals and firms look for more innovative ways to invest their capital, he predicts that, as we have already seen in the past year, much of that capital will flow into crypto, with Bitcoin being the biggest benefactor of that shift.
“We have $300 trillion wroth of money floating around in stocks bond commercial reals estate and cash and banks and these are a 20th century form of assets and what we saw this year is an explosion, an emergence of a new form of money and that new form of money is cryptocurrency and the winning cryptocurrency is bitcoin.”
In other trending Bitcoin News today:
"Top Around $390K - New Chart Shows This Bitcoin Bull Run Is Only Beginning"
Bitcoin (BTC) could reach almost $400,000 this bull cycle simply by copying previous behavior, one popular analyst has said.
In a tweet on Feb. 4, Yassine Elmandjra, cryptoasset analyst at asset manager ARK, revealed just how early on in its current bull run BTC/USD really is.
Compared to 2013 and 2017, the 2020-21 cycle is barely off the start line, with a hypothetical chart suggesting that the top this time around could be as high as $390,000.
“This is how bitcoin’s price would behave if the current bull market dwarfed the 2017 bull market in the same way the 2017 bull market dwarfed the 2013 bull market,” Elmandjra added in comments.
“The top would be around $390,000 per bitcoin. The red dot is where we’d be now.”
With various indicators all now pointing to a continuation of bullish upside for Bitcoin, Elmandjra is not alone in predicting serious progress in the mid to long term. Responding, however, fellow analyst Tuur Demeester noted that in terms of increases, 2013 in fact beat 2017.
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Show Notes / News Resources:
- Michael Saylor Bitcoin Prediction: https://bit.ly/2LnHbsp
- $390K BTC Prediction: https://bit.ly/3awNLW0
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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