Saylor Doubles Down on Bitcoin, Forecasts $13M Price, MicroStrategy Adds to Holdings

• Michael Saylor predicted that Bitcoin’s price will reach $13 million per coin by 2045.
• Saylor updated his Bitcoin price target from $10 million.
• MicroStrategy purchased an additional 11,931 BTC in June.

MicroStrategy co-founder Michael Saylor has predicted that Bitcoin’s price will reach $13 million per coin by 2045. Saylor made this bullish prediction on July 26 while delivering a keynote speech at the Bitcoin 2024 conference.

With the latest prediction, Saylor revised his Bitcoin price target from $10 million. However, he noted the target is only a base case, with the possibility of a $3 million bear case and a $49 million bull case.

Saylor, in his typical style, encouraged the audience to be more open to investing in Bitcoin, asking them to become “triple maxi” Bitcoin bulls. According to him, Bitcoin users can finance their houses with Bitcoin, buy Bitcoin, convert all their assets to Bitcoin, and move to low-tax jurisdictions where they can avoid some taxes and invest more in the leading cryptocurrency.

Meanwhile, Saylor’s MicroStrategy purchased an additional 12,332 BTC in June for approximately $786 million. In his post on X, the investor noted that his firm used proceeds from convertible notes and excess cash, buying each Bitcoin for about $65,883. MicroStrategy’s June purchase brought the firm’s Bitcoin holdings to 226,331 BTC, acquired for approximately $8.33 billion at an average price of $36,798 per Bitcoin.

Saylor emphasized Bitcoin’s superiority over physical capital as an investment instrument. According to him, physical capital is subject to the laws of thermodynamics, including entropy, or energy’s tendency to dissipate over time.

According to Saylor, entropy is diluting the value of physical assets and draining energy from them. However, he believes Bitcoin is immortal, immutable, and immaterial. The investment expert described Bitcoin as the solution to the world’s economic challenges.