it could reclaim its all-time high in November 2021 by 2026 and rise even higher if its valuation fundamentals change, according to high-profile cryptocurrency advocate Michael Saylor.
Saylor – chairman of the business information software company
(ticker: MSTR) – Best Money New Ideas Festival MarketWatch said Wednesday that Bitcoin could return to its $68,990 peak “sometime in the next four years.” He added that Bitcoin could reach $500,000 in the next decade if the market capitalization of the largest cryptocurrency – often referred to as “digital gold” – matches actual gold.
Bitcoin was trading around $19,200 on Wednesday, more than two-thirds below its all-time high from last year.
A dramatic drift has swept the digital asset market in 2022, with Bitcoin leading the charge lower as the space’s market cap has fallen to below $1 trillion from nearly $3 trillion less than a year ago. Declines are being driven by forces within crypto — such as a key token decline — as well as a broader sell-off in the stock market as investors have shed risk-sensitive assets amid red-hot inflation and rising interest rates.
Now, Saylor said he’s looking to Bitcoin’s four-year simple moving average — around $20,000 — to look for a potential bottom for the crypto market. “I think this is sustainable,” he said. “The next logical stop for Bitcoin is to replace gold as a non-sovereign asset of value.”
It is familiar rhetoric from Saylor, who has leadership
—which he co-founded in 1989—is characterized in recent years by a big bet on crypto. MicroStrategy started buying Bitcoin in mid-2020 to maintain its balance sheet and has emerged as an influential “whale” in the crypto market.
Saylor stepped down from his role as CEO at the company earlier this year to focus on the crypto strategy. He said at the MarketWatch festival that the company is also developing the Lightning Network, which is a payment network built on top of Bitcoin.
Crypto continues to polarize. On the same day as Saylor’s comments,
(JPM) CEO Jamie Dimon doubled down on his view that Bitcoin was “worthless,” saying that “crypto tokens are decentralized Ponzi schemes, and the idea that it’s good for anyone is unbelievable.”
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