$10 Million Per Bitcoin: Michael Saylor Speaks During Australian Crypto Convention
Michael Saylor, former CEO of MicroStrategy, spoke at the Australian Crypto Convention at the Melbourne Convention Exhibition Centre before a packed theatre. Saylor, who was attending remotely via video link, talked at length about the future of Bitcoin (BTC).
The Centre of The Financial Universe
Saylor discussed the projected growth of Bitcoin, comparing it to traditional investment portfolios like the S&P index. Initially, he described a gradual decrease in Bitcoin’s annual growth rate, eventually stabilising at a “terminal growth rate” of 15%. This rate is expected to be twice as fast as that of the S&P index or similar high-quality asset portfolios. Saylor suggested that Bitcoin’s value will continue to double repeatedly over time, reaching US$ 6 million (AU$ 9.4 million) per coin, causing a lot of frustration in those who didn’t buy at lower prices.
“And when it’s $6 million a coin, there’s going to be a bunch of people really angry at themselves that they didn’t buy it at $1,000,000 a coin.”
Saylor believes Bitcoin is central to the financial universe, framing it as a fundamental reference for value and scarcity. He encouraged anyone to invest in Bitcoin consistently over time through methods like dollar-cost averaging or regular savings, emphasising that there’s no foreseeable end to its growth.
Should you buy Bitcoin or Real Estate?
Michael Saylor argued that Bitcoin is a better investment than real estate for several reasons. While he acknowledged the historical growth of real estate, he suggested that Bitcoin’s potential growth could surpass this. Saylor pointed out the complexities of investing in stocks and real estate, highlighting the difficulty in selecting long-term valuable stocks and managing property over extended periods.
The advantages of Bitcoin over real estate, according to Saylor, include its scarcity, with a cap of 21 million units, and the fact that some of these are already lost, further reducing the supply. He likened Bitcoin to owning a part of a “cyber-Manhattan,” suggesting that its value will increase as more people desire a share of this limited resource. Unlike physical property, Bitcoin is not subject to physical devaluation or geographical constraints, making it a more secure and easily transferable asset.
Bitcoin is like Manhattan. Cyberspace is 21 million city blocks in a cyber-Manhattan. And one day 8 billion people will want to live there because everybody in the world, all 8 billion people in the world, want to be wealthy.
Major Banks to Move in, Scoop Up BTC
Further, Saylor suggested that a significant milestone for Bitcoin will be its adoption by major financial institutions like JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, and Deutsche Bank. He anticipates a future where these banks and Bitcoin custodians actively engage in lending, mortgage provision, and trading services centred around Bitcoin, marking a key phase of integration and acceptance in mainstream finance.
Looking further ahead, about 25 years into the future, Saylor predicted that Bitcoin will outperform all other high-quality assets. This projection portrays Bitcoin not only as a viable asset but as one that will surpass traditional investment benchmarks in terms of growth potential.
So, if you think about it like that, we’re going to double we’re going to double again, we’re going to double again, and we’re going to double again, that coin is going to continue to progress to a million dollars a coin, $2 million a coin, $5 million a coin, $10 million a coin.