'Bitcoin's Next Logical Pause' - Saylor Makes Huge $10 Trillion Crypto Price Prediction

‘Bitcoin’s Next Logical Pause’ – Saylor Makes Huge $10 Trillion Crypto Price Prediction

Bitcoin swings wildly this week as traders brace for it The Fed’s ‘hammer’ could lead to a crash ‘worse than 2008’.

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Bitcoin price drops back below $20,000 per bitcoin after trying to climb above psychological level earlier this month –Retreated due to a sudden warning from the Biden administration.

Now, Michael Saylor, Chairman and Co-Founder of the Software Company, Has Turned MicroStrategy into a Bitcoin Acquisition Tool
MSTR
predicted that the value of bitcoin would outpace gold within ten years – likely giving bitcoin a $500,000 price tag and a $10 trillion market cap (Although one Wall Street CEO called it “dangerous”).

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“The next logical stop for bitcoin is to replace gold as a non-sovereign store of an asset of value,” said Saylor. Market Watch This week, adding gold is a $10 trillion asset. “Bitcoin is digital gold, it is 100 times better than gold, and if bitcoin goes to the value of gold, it goes to $500,000 per bitcoin.”

Saylor, without specifying a date, said he expects this to happen within the next 10 years, predicting that bitcoin will “establish” first, reclaiming its position as a $1 trillion asset before exploding to $10 trillion.

in the past months, World’s Largest Asset Manager Blackrock “Opening Door for Institutions to Access Bitcoin,” Investment giant Fidelity is said to be weighing in providing bitcoin trading services to its 34.4 million retail investor base.

However, Saylor cautioned that he had no short-term price prediction, saying that he had no idea what the price of Bitcoin would be 12 months from now, but noted the extreme price volatility across all asset classes due to the Fed’s monetary tightening policy.

Bitcoin price has touched [$20,000 per bitcoin] Some times. “I think that’s stable,” said Saylor, referring to the four-year moving average for bitcoin’s price to reach a potential bottom.

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More from Forbes‘Worse Than 2008’ – Massive ‘Heavy Hammer’ Released by the Federal Reserve on Bitcoin, Ethereum and Cryptocurrency Prices

However, traders focused on short-term price expectations for bitcoin are concerned that the Federal Reserve’s program of historical interest rate hikes could cause more pain to the bitcoin and cryptocurrency market.

“There is more pain for investors in the short term as the markets will need to work their way through this new outlook,” Anto Paroyan, CEO of crypto hedge fund ARK36, said in comments via email.

“In the long term, there appears to be few reasons for optimism either, as the Fed expects to continue rising throughout 2023 and only start cutting rates in 2024.”

Last month, Saylor, who used MicroStrategy funds to buy bitcoin just over two years ago, resigned from his position as the company’s CEO to focus on buying bitcoin.

After buying another 300 bitcoins this week, MicroStrategy now owns about 130,000 bitcoins, bought at an average price of just over $30,000 per bitcoin and spending nearly $4 billion.

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