Crypto News – Co-founder of MicroStrategy and Bitcoin bull Michael Saylor believes that by the end of 2024, demand for Bitcoin might have increased by up to 10 times, despite the fact that the halving of the cryptocurrency is only a few months away.
According to Michael Saylor, Demand for Bitcoin Could Grow Significantly in the Next 1 Year
Saylor was asked to provide a view of Bitcoin and its ecosystem for the next four to five years during a keynote at the 2023 Australia Crypto Convention on November 10. Reacting to this, Saylor first provided an overview of the years 2020–2024, pointing out that Bitcoin transitioned from being viewed as an uncontrolled, offshore asset to a mainstream app that was institutionalized. Focusing on the near future, Saylor predicted that by the end of 2024, Bitcoin will have become an “adolescent mainstream asset,” and he outlined important supply and demand factors that will soon be in effect.
I think that this next 12 months is going to be a big. Because demand (on a monthly basis) should double or triple or maybe go up by a factor of 10, anywhere from two to 10. … and the supply available for sale will be cut in half in April
So instead of a billion dollars of Bitcoin available for miners each month, it will be half a billion. It’s pretty unprecedented that you would go from a supply and demand balance of maybe $15 billion of organic demand and $12 billion of organic supply. What happens when one doubles, and the other one cuts in half? The price is going to adjust up,Saylor
Saylor continued by referring to the upcoming year for Bitcoin as its “coming out party,” as the asset leaves “college” and enters the real world.
Demand for Bitcoin Will Grow Even More Between 2024-2028, Saylor Says
As acceptance of Bitcoin gains traction in the global major tech sector and megabanks, Saylor projected that the cryptocurrency will remain in a high-growth stage between 2024 and 2028. Saylor also expressed his expectation that businesses such as Apple and Meta (Facebook) will face intense competition in their quest to acquire Bitcoin, which they want to sell for substantial profits in the future.
You’re going to have ferocious competition and will among Wall Streeters to get the most asset share and you’re going to have crypto exchanges competing and you’re going to have other tech companies getting involved. […] That’ll be one check.
The other check will be when the big mega banks or Bitcoin custodians with JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America, Deutsche Bank, and, you know […] when they’re making loans and giving mortgages and customising it and buying and selling it. I think that’ll be the second check,Saylor