With the Bitcoin halving just months away, MicroStrategy co-founder and Bitcoin bull Michael Saylor thinks that demand for BTC could grow by as much as 10X by the end of 2024.
During a speech at the 2023 Australia Crypto Convention on Nov. 10, Saylor was asked to give his outlook for Bitcoin and its ecosystem over the next four to five years.
In response, Saylor initially gave a rundown on the period between 2020 and 2024, noting that Bitcoin went from being seen as a “offshore unregulated asset” to an “institutionalized mainstream app.”
Honing in on the near term, Saylor said that BTC will become a “adolescent mainstream asset by the end of 2024,” as he highlighted key dynamics surrounding supply and demand that will soon come into play:
“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,” he added.
Saylor went on to describe the next 12 months for Bitcoin as its “coming out party” as the asset graduates from “college” and heads out into the real world.
Looking at 2024 to 2028, Saylor predicted that Bitcoin will continue to be in a high-growth stage as adoption spreads across the big tech industry and mega banks worldwide, with both sectors integrating Bitcoin into their products and services.
Saylor also said he expects to see a lot of competition among companies like Apple and Meta (Facebook) to get their hands on BTC to eventually sell for major profits.
“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…