Key Points
- Michael Saylor believes Bitcoin offers “economic immortality.”
- More optimistic predictions arise, despite BTC’s price drops.
In a recent interview, Michael Saylor, the executive chairman and co-founder of MicroStrategy, said that Bitcoin will reach $10 million and the entire nation of China will get behind the coin.
He addressed the difference between perfect and imperfect money, highlighting that perfect money is “economic immortality”, while imperfect money involves a “short, brutal life.”
#Bitcoin is Economic Immortality.pic.twitter.com/ZtLzUK4kO6
— Michael Saylor⚡️ (@saylor) June 23, 2024
In the interview, Saylor mentioned the question of whether a company could live forever, saying that everything that’s come before Bitcoin, from an economic point of view, has been made obsolete with the introduction of the digital asset.
He said that economics is pseudoscience before Bitcoin’s creator, Satoshi Nakamoto. Saylor explained that it’s a “quasi-religious liberal art”, full of people’s opinions, prejudices, and biases.
According to him, all the economists before Satoshi have been trying to work out the laws of economics with pieces of paper and credit instruments.
Overall, Saylor believes that companies that invest in Bitcoin will last longer compared to the ones that remain in the corporate scene. He said that the average life expectancy of a corporation is about 10 years, addressing the need to eliminate corporate mortality.
He believes that Bitcoin can stretch economic vitality by 10 times, even a million.
Saylor also mentioned that the Chinese people and government will embrace Bitcoin, predicting that sometime in the future, BTC will be even worth $10 million.
More optimistic BTC price predictions arise, despite price drop
At the moment of writing this article, BTC is trading above $62,000.
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During the weekend, the revenue per terahash per second (TH/s) for miners has reached record lows in the past two months, with a potential cause for reduced profitability being the decrease in new wallets joining the BTC ecosystem.
Despite this, CleanSpark and other mining companies continue to perform well, with Bitfarms and Core Scientific exceeding BTC’s price year-to-date as well.
Bitcoin continues to remain surrounded by optimistic predictions, regardless of its price action, with analysts and traders highlighting that the coin’s price is simply consolidating below the previous ATH.
Today, Bitcoin on-chain analyst, Willy Woo, addressed the Fed’s report of CPI inflation, saying that what people really need to beat is CPI and monetary debasement.
He said that this is normally around 8% and while gold keeps it on par, SP500 will beat it by 3% and BTC will beat it by 20%-70%.
He also shared a graph showing CPI inflation with a yellow line, and CPI plus monetary debasement with a white line.
Woo has been also reiterating his prediction that once the miner capitulation post-halving is over, we will see a price recovery for the coin. He also offered a potential timeline of 1-4 weeks for this to happen.
