As the countdown to April 2024 Bitcoin halving begins, critical players in the crypto sector forecast that the demand for BTC will double down. Michael Saylor, the co-founder of MicroStrategy, anticipates that BTC will increase by ten times before the end of next year.
Saylor revealed his positive stance on the growth of the Bitcoin ecosystem at the Australia Crypto Convention 2023. At the event, the host requested Saylor to offer a brief overview of the growth prospect of Bitcoin in the next five to ten years.
MicroStrategy Executive Forecast Bitcoin Demand to Increase in 2024
Having been an active contributor in crypto-related matters, Saylor revisited the past performance of Bitcoin between 2020 and 2024. He noted that Bitcoin outshined assets grouped under the “offshore unregulated asset” to rank among holdings in the institutionalized mainstream application.
With the exciting growth of Bitcoin, Saylor anticipates that in 2024, Bitcoin will be classified as an adolescent mainstream asset. The MicroStrategy boss backed his projection with substantial proof of the expected Bitcoin supply and demand patterns. He envisages within the next 12 months, the demand for Bitcoin will either double or triple.
Saylor believes the demand for Bitcoin could increase ten times in 2024. Despite the BTC market surge, Saylor anticipates that from April next year, the supply for Bitcoin will be slashed by half. This implies that if the Bitcoin miners received billions of dollars of Bitcoin in April, they would receive five hundred million supply of BTC every month.
The MicroStrategy official anticipates an increase in Bitcoin prices if the demand surpasses supply. In the next 12 months, Saylor described Bitcoin as a fresh graduate from college entering the real world.
Bitcoin Growth Will Trigger Fierce Competition in the Crypto Market
He anticipates that from 2024 to 2028, Bitcoin will witness high growth and massive adoption in fast-paced tech and financial institutions. He believes Bitcoin will become crucial in developing tech and financial products and services.
With the exciting growth of the crypto sector, Saylor believes that critical contributors in the financial and tech sector, such as Apple and Meta, will seek to capitalize on Bitcoin. By that time, he expects that there will be fierce competition in the market since every company will explore practical ways to garner more benefits from Bitcoin investment.
Saylor expected that companies offering financial and investment services to the Wall Street tycoons would experience unhealthy competition in the pursuit to accumulate more returns from Bitcoin investment.
He anticipated crypto and tech companies to experience cutthroat competition. Besides the expected stiff competition, Saylor believes that the involvement of high-profile banks such as JP Morgan, Goldman Sach, Bank of America, and Morgan Stanley, among others, in crypto will contribute towards the growth of Bitcoin.
Based on the services offered by megabanks, such as loans, mortgages, and customized financial products, Saylor believes that it will be the second turning point for Bitcoin to grow. Beyond this, the MicroStrategy boss believes that in 25 years, Bitcoin will outperform all the existing assets.
Factors Contributing to the Growth of Bitcoin Demand
Saylor believes that in the years to come, the regulators will have approved the pending Bitcoin ETFs. The approval of the Bitcoin ETF will push the demand and the buying pressure of BTC higher.
Additionally, Saylor predicts that global regulators will impose friendly regulations to allow fair value accounting on Bitcoin investment. This regulation will encourage companies to invest in Bitcoin as a treasury asset to increase shareholders’ value if the regulators adopts friendly crypto policies.
The executive forecast is that in 20 to 25 years to come, Bitcoin will attain a considerable terminal growth rate. At this stage, Bitcoin is expected to either double or triple in term of growth prospect.
Saylor expects the Bitcoin growth to replicate the S&P 500 Index, which has sustained a strong rally in the stock markets for quite a long time. In the latter, Saylor underscored that Bitcoin investors will witness an impressive peak as the BTC increases in value over time.