Famous expert Michael Saylor of Strategy is convinced that Bitcoin is set to grow significantly in value. In his opinion, the limited supply and growing adoption of the cryptocurrency will lead to its price reaching $1 million.
Factors Contributing to Growth
About 450 bitcoins enter the market every day, which is worth about $50 million in monetary terms. If these funds are actively purchased, this will inevitably lead to an increase in the price.
In addition, public companies are actively buying up bitcoin, replenishing its supply on the market. This also contributes to an increase in the value of the cryptocurrency.
Government Support
Saylor notes the support of bitcoin from US President Donald Trump and other officials. Traditional banks are also preparing to provide bitcoin storage services, which can contribute to the further spread of the cryptocurrency.
Risks and forecasts
Despite the optimistic forecasts, Saylor admits that there is a risk of price correction. In his opinion, if Bitcoin reaches $500,000 or $1 million, it could fall by about $200,000. For example, Trump’s statements in February could have reduced the value of Bitcoin by 40%.
Investments and strategies
Large players such as BlackRock and other ETF providers are buying Bitcoin daily. This indicates that interest in the cryptocurrency is not decreasing.
In addition, Pakistan is creating a strategic reserve of Bitcoin, which may become an additional incentive for its growth. The United States risks falling behind Pakistan in accumulating Bitcoin, which may also affect the market dynamics.
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