Michael Saylor Predicts $280 Trillion Bitcoin Market Cap
During his keynote address at the Bitcoin 2024 conference in Nashville, MicroStrategy’s executive chairman, Michael Saylor, made a startling prediction. He forecasted that Bitcoin’s market cap could reach $280 trillion by 2045, a 280-fold increase from its current market cap of over $1 trillion. Saylor believes that Bitcoin has the potential to surpass traditional assets like art and gold in value.
Saylor argued that the global economy relies too heavily on imperfect assets for capital storage, which often have shorter lifespans compared to Bitcoin. He suggested that Bitcoin could outlast traditional assets, which are vulnerable to war, famine, and other disasters. With the integration of artificial intelligence, Saylor indicated that Bitcoin’s importance could extend for 1,000 to 100,000 years.
Considering this, Saylor forecasted that Bitcoin’s price could rise to $13 million by 2045 in his base case scenario. However, he stated that the asset could climb as high as $49 million and account for 22% of global wealth in his bull case.
RFK Jr. Promises Daily Bitcoin Purchases if Elected
US Presidential Candidate Robert Francis Kennedy Jr. also made bold commitments regarding Bitcoin during the conference. He announced plans to purchase Bitcoin daily if elected. Kennedy committed to signing an executive order for the US to buy 550 Bitcoin daily, aiming to build a reserve of 4 million BTC. Additionally, he plans to classify the country’s 200,000 BTC holding as a strategic Treasury asset.
Kennedy also promised to sign an executive order directing the IRS to treat Bitcoin as an eligible asset for a 1031 Exchange into real property. This change would make transactions unreportable and, by extension, nontaxable.
Moreover, Kennedy criticized former President Donald Trump’s stance on cryptocurrency. Although he acknowledged Trump’s recent positive stance on digital currency, he urged skepticism regarding its authenticity.
“President Trump spent years disparaging cryptocurrencies; he even appointed anti-crypto proselytizer Steve Mnuchin to head the Treasury Department. Then, in early 2024 – a presidential election year – Trump suddenly pulled a 180 and began to extol the virtues of crypto,” Kennedy stated.
Speculation and Strategic Importance
Both Saylor and Kennedy highlighted Bitcoin’s potential to surpass traditional assets and emphasized its strategic importance. The conference in Nashville has indeed sparked significant discussions and speculations within the crypto community, drawing attention to the future of Bitcoin and its role in the global economy.
