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Michael Saylor Says Bitcoin Will 10x On Unprecedented Demand

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MicroStrategy executive chairman Michael Saylor
MicroStrategy executive chairman Michael Saylor

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Bitcoin is poised to 10x its price as demand increases and supply contracts, said MicroStrategy co-founder Michael Saylor.

The Bitcoin bull based his bold price forecast on the events slated to happen over the next year.

The halving event scheduled for April 2024 will see a significant drop in supply and a surge in demand, Saylor told CNBC.

He said that miner selling behaviour will change post-halving as their sales are reduced by half. Miners are currently making sales of $1 billion per month, he said.

Saylor is also optimistic about the approval of a spot Bitcoin exchange-traded fund (ETF), which will boost demand. Wall Street is rife with expectations that a Bitcoin ETF will be approved as early as January.

Michael Saylor – Situation Is ”Unprecedented”

“So that’s why all of us are fairly bullish over the next 12 months: demand is going to increase, supply is going to contract, and this is fairly unprecedented in the history of Wall Street,” Saylor said.

Saylor further stated that for the crypto industry to move forward, it needs to “migrate to adult supervision.” Once Wall Street banks become Bitcoin custodians, Saylor says it will take attention away from other tokens that have affected Bitcoin’s growth, and may then record a 10x gain.

Bitcoin is up 26% over the past month. The price hit a 2023 high of $35,878 last week on hype around the likelihood of a spot Bitcoin ETF approval in the US.

MicroStrategy Bought 155 Bitcoin In October

Saylor’s MicroStrategy reported an impairment loss of $33.6 million on its crypto holdings in its Q3 2023 earnings. Cumulative impairment losses increased to $2.23 billion during the third quarter.

Alongside the Q3 results, MicroStrategy revealed purchasing an additional 155 BTC in October and 6,607 BTC since the start of Q3.

MicroStrategy currently holds 158,400 BTC acquired at $4.69 billion.

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