could rebound to its November 2021 all-time high by 2026 and rise even higher if its 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 that Bitcoin could return to its peak of $68,990 “within the next four years.” He added that Bitcoin could reach $500,000 in the next decade if the market capitalization of the largest crypto-often referred to as “digital gold” matches that of real gold.
Bitcoin was trading around $19,200 on Wednesday, more than two-thirds below its all-time high from last year.
A dramatic rout swept the digital asset market in 2022, with Bitcoin leading the charge lower as the space’s market capitalization crashed to under $1 trillion from nearly $3 trillion less ago. one year. The declines were driven by forces within the crypto – such as the collapse of a key token – as well as a broader sell-off in the stock market as investors dumped risk-sensitive assets amid an uptick. runaway inflation and rising interest rates.
Now, Saylor said he is looking at Bitcoin’s four-year simple moving average of around $20,000 to look for a potential bottom for the crypto market. “I think it’s stable,” he said. “The logical next step for Bitcoin is to replace gold as a non-sovereign asset of value.”
This is the familiar rhetoric of Saylor, whose leadership of
– which he co-founded in 1989 – has been characterized in recent years by a big bet on crypto. MicroStrategy started buying Bitcoin in mid-2020 to support its balance sheet and has become an influential “whale” in the crypto market.
Saylor stepped down from his role as CEO of the company earlier this year to focus on crypto strategy. He added during the MarketWatch festival that the company is also developing the Lightning Network, which is a payment network built on Bitcoin.
Crypto continues to polarize. On the same day as Saylor’s remarks,
(JPM) CEO Jamie Dimon doubled down on his view that Bitcoin was “worthless”, saying crypto tokens are “decentralized Ponzi schemes, and the idea that it’s good for everyone is amazing “.
Write to Jack Denton at [email protected]