According to prominent advocate of cryptocurrencies Michael Saylor, Bitcoin BTCUSD +0.85% might recapture its all-time high from November 2021 by 2026 and go even higher if its valuation fundamentals alter.
At MarketWatch’s Best New Ideas in Money Festival on Wednesday, Saylor, chairman of business intelligence software company MicroStrategy MSTR –1.84% (ticker: MSTR), said that Bitcoin might reach its all-time high of $68,990 “sometime in the next four years.” If the market capitalization of the largest cryptocurrency, which is frequently referred to as “digital gold,” grows to match that of physical gold, he added that the price of Bitcoin may reach $500,000 in the next decade.
On Wednesday, the price of bitcoin was about $19,200, which is more than two-thirds lower than its all-time high, reached last year.
Bitcoin Market Valuation
Bitcoin has been leading the charge lower in the market for digital assets in 2022, which has led to a spectacular meltdown that has swept the field. The market valuation of the space has collapsed to around $1 trillion, down from almost $3 trillion just over a year ago. Forces have driven the declines within cryptocurrencies, such as the crashing of a crucial token and a broader selloff in the stock market, as investors have dumped risky assets in response to soaring inflation and rising interest rates.
Saylor has stated that he is keeping an eye on Bitcoin’s simple moving average over the past four years, which is currently hovering around $20,000, to search for a possible bottom in the cryptocurrency market. He stated, “I believe that this is stable.” “The next step for Bitcoin that makes sense is for it to take the place of gold as a non-sovereign asset that can store value.”
Saylor, whose leadership at MicroStrategy—which he co-founded in 1989—has been marked in recent years by a significant bet on crypto, is using terminology that is all too familiar. Midway through 2020, MicroStrategy started buying Bitcoin to keep on its balance sheet. Since then, the company has become a significant “whale” in cryptocurrency.
To devote more of his attention to the company’s crypto strategy, Saylor resigned from his position as CEO early this year. During the MarketWatch festival, he also mentioned that the organization is working on developing the Lightning Network, a payment network built on top of Bitcoin.
Crypto continues to polarize. Saylor’s comments were made on the same day that JPMorgan Chase JPM –1.14% (JPM) CEO Jamie Dimon doubled down on his view that Bitcoin was “worthless.” Dimon said that crypto tokens are “decentralized Ponzi schemes,” and the notion that they benefit anyone is “unbelievable.” Saylor’s comments were made in response to Dimon’s remarks.
Featured Image: DepositPhotos © antalya
Author Valerie Remorosa 
