Bitcoin Influencer Michael Saylor Predicts $8 Million Price Tag for BTC

It burns Bitcoin supporter Michael Saylor made another very bullish prediction for Bitcoin’s price tag. His comments, made at a recent event in Prague, attracted the attention of the crypto community, especially because of the high price.

While speaking at the event, Saylor predicted that Bitcoin could reach $8 million per coin, and many investors will miss the price increase. Notably, these comments come amid MicroStrategy’s the latest disclosure it wants to increase its Bitcoin Holdings.

Saylor’s Bold Prediction at the Prague Event

While speaking at the Prague Bitcoin event, Saylor recounted his journey with Bitcoin in its early days. Interestingly, Saylor noted that he was undecided when he first considered investing in Bitcoin. Back in 2013, Saylor looked at Bitcoin and dismissed it, thinking it would find its way into online gambling.

As a result, he lost the opportunity to buy when Bitcoin traded at $892, only to finally decide to buy when Bitcoin reached $9,500. “I got the price I deserved,” Saylor said. However, Saylor has been an ardent supporter of Bitcoin since his last purchase, even calling it digital gold. He has also argued in the past that Bitcoin is the only asset that investors can truly own as it is free from any regulatory authority.

As Saylor explains, despite Bitcoin’s growth over the past few years, there are still many investors who are hesitant to buy. which you may have missed when the price reached $8,000,000.

“Everyone is getting Bitcoin at a fair price,” Saylor noted.

Is Bitcoin Going To $8 Million Really Possible?

Although $8 million per Bitcoin may seem far-fetched, Saylor and other commentators believe in the power of tangible growth. With Bitcoin now trading at $66,000, an $8 million price tag would mean a 12,000% price increase from the current price level. For Bitcoin to reach that level, its market cap would have to increase more than 150 times from today’s value to about $168 trillion.

For this to happen, Bitcoin will need to gain mainstream adoption and interest from institutional investors, which is starting to increase thanks to Spot Bitcoin ETFs. If acquisitions go their way, $8 million per Bitcoin may not be out of the realm of possibility in the coming decades.

MicroStrategy, Saylor’s intelligence firm, i one of the few companies the best in finding common Bitcoin. At the time of writing, MicroStrategy owns about 1% of Bitcoin in circulation, along with its investments. it has paid off until now.

According to recent disclosures, MicroStrategy is now looking to sell its convertible notes worth $700 million. The proceeds from the sale of the notes will then be used to acquire more Bitcoin.

Featured image from Shutterstock, chart from TradingView