In spite of the Twitter spat between Elon Musk and Jack Dorsey over the future of cryptocurrency, the prices of Bitcoin and other cryptocurrencies have witnessed a significant surge this week with the price of bitcoin climbing over $50000. The level of surge witnessed in the bitcoin prices is unprecedented since its early December crash. In addition to this, other cryptocurrencies like Ethereum also witnessed a considerable surge in the past few weeks.
The What and Why
Another factor that caught the attention of the crypto community ahead of the pre-Christmas surge is the wild price prediction by Michael Saylor. Along with the price prediction, Saylor’s personal bitcoin stash amounting to a whopping $900 billion was also revealed. Michael Saylor is a familiar and rather popular name in the crypto domain. It is hard not to take notice of someone who completely transformed his company into a vehicle for bitcoin acquisition over the course of a few months. Saylor is of the opinion and expectation that the price of bitcoin will eventually touch $6 million. This is according to the interview with The Information, a technology news site.
A $6 million bitcoin price would mean that the combined value of almost 19 million bitcoins in circulation will touch a whopping $126 trillion. This is will be a rather huge step-up from its current market capitalization of almost $1 trillion, thereby turning it into the most valuable commodity in the world. In addition to this wild price prediction, Saylor also revealed his personal bitcoin stash. Saylor has in his possession 17,732 bitcoins, which at current prices is worth about $832 million. Another point of highlight is the fact that to this day, Saylor hasn’t sold even one of his bitcoins. Although several other cryptocurrencies are climbing at a pace faster than that of bitcoin, Saylor continues to remain loyal to bitcoin and doesn’t own any other cryptocurrency.
In the words of Michael Saylor, “I don’t believe you should sell your bitcoin.” From the looks of it, seems like his belief has worked out pretty impressively for him. Saylor’s company, MicroStrategy began to acquire bitcoin back in August 2020. Since then, the company has managed to acquire over 122,000 bitcoins, worth $6 billion. The company now functions with two different hands, one that focuses on the running of the software business with maximum efficiency while the other focuses on the acquisition and holding of bitcoin. Whether Saylor’s prediction will come true is something we will have to wait and watch.
