In an interview on Feb 23, MicroStrategy CEO Michael Saylor gave a bold prediction on Bitcoin’s (BTC) adoption in the coming years.
The CEO told CNBC’s Squawk Box segment that BTC would be the savings method of choice for about one billion people on a mobile device within five years.
He added that bitcoin isn’t really for spending, but more of a savings tool where people can store value akin to a savings account.
“We’re going to see a day when 7-8 billion people have a bar of digital gold on their phone, and they’re using it to store their life savings with it,” Saylor predicted.
The MicroStrategy CEO’s comments came as the price of BTC dropped over 10% on Tuesday, Feb 23, as part of a market-wide selloff that wiped $300 billion from the crypto market cap. The digital coin faced more turmoil after U.S. Treasury Secretary Janet Yellen described it as inefficient for transactions.
Saylor’s bold call predicting a broader Bitcoin use-case in people’s financial lives is likely bullish for the digital coin, which is quickly creeping into the mainstream. Despite the recent retracement, BTC is still one of the best-performing assets of 2021. The digital asset has accumulated gains of about 60% since the start of the year.
Microstrategy Continues its Public BTC Advocacy
Saylor’s business intelligence firm is a major corporate BTC backer and has purchased more than 70,000 coins since August of 2020.
The publicly-traded firm is gearing up to procure an additional $1.05 billion worth of bitcoin. Per a recent note, MicroStrategy is wrapping up an offering of convertible notes as a strategy to maximize its Bitcoin holdings.
Qualified institutional investors were allowed to buy these unsecured notes from MicroStrategy, with the sale’s proceeds going to purchase BTC.
Michael Saylor continued heaping praise on Bitcoin in his CNBC interview, where he hailed the king crypto as “the dominant digital monetary network.” He went on to highlight Bitcoin’s swift 12-year journey to establish itself as a trillion-dollar asset, which leaves major tech giants such as Amazon and Google in the dust.
Bitcoin Can Absorb Gold Market Cap
Bitcoin is slowly earning the title of “digital gold” as more investors start to recognize its ability to serve as a store of value due to its capped total supply.
According to Saylor, BTC will absorb the entire $10 trillion gold market cap in the future. He added that Bitcoin’s market value would reach $100 trillion one day, a bold prediction of a 100x increase. The MicroStrategy CEO explained that volatility would fall dramatically once the BTC market cap reached $10 trillion.