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Bitcoin: Michael Saylor has big visions for the flagship cryptocurrency

Thu 15 Feb 2024 ▪ 3 min read ▪ by Luc Jose A.
Getting informed ▪ Trading

Bitcoin (BTC) is experiencing a remarkable resurgence, an opportunity seized by Michael Saylor, co-founder of MicroStrategy, to share his thoughts on what he thinks will happen with the flagship cryptocurrency in the future. His projections about bitcoin (BTC) are rarely pessimistic.

Le logo du bitcoin, la crypto phare

Bitcoin (BTC), Still Below Its “True” Valuation?

Michael Saylor, co-founder of MicroStrategy and an iconic figure in the crypto industry, recently shared his opinion on the future trajectory of Bitcoin’s price (BTC). He gives his perspective in the context of the flagship cryptocurrency’s recent surge.

As a reminder, bitcoin (BTC) broke through the $50,000 resistance and reached a valuation of $52,200. This happened after an increase of 1.57% over its value 24 hours ago for a weekly rise of 16.66%.

According to Michael Saylor, this significant upswing is far from sufficient. He asserts that the current bitcoin price remains below $0.06 million. This provides a concrete benchmark for market observers.

Michael Saylor’s comments on bitcoin are based on a thorough analysis rather than speculative conjectures. But what could they mean, in concrete terms, for the crypto community?

Michael Saylor shares his predictions on bitcoin price

The Implications for the Flagship Crypto’s Outlook

Michael Saylor’s opinion has a twofold implication for Bitcoin’s trajectory. Firstly, it suggests a short-term target of $60,000, which is not far off from the previous peak of $69,000 for the flagship crypto.

On the other hand, it hints at a more ambitious long-term goal. Namely, a Bitcoin (BTC) target price close to $1 million. This is precisely the projection that Cathie Wood, the CEO of Ark Invest, made a few months ago.

Under Michael Saylor’s leadership, MicroStrategy has amassed a significant Bitcoin (BTC) portfolio. A stash whose current value stands at 190,000 BTC, placing MicroStrategy as one of the largest Bitcoin whales.

For many analysts, the outlook for Bitcoin is positive. Even though the recent decision by the Federal Reserve (Fed) to maintain interest rates has caused a reaction in the crypto market. The market dipped slightly by 0.3% to around $1.94 trillion.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.