The Bitcoin enthusiast ramped up the excitement to a maximum before thousands of conference attendees in Nashville.
No Bitcoin conference would be complete without a dose of bullish optimism from Michael Saylor, and the executive chairman of MicroStrategy delivered just that in Nashville on Friday.
Saylor believes that the macroeconomic conditions are perfectly aligned to propel Bitcoin to unprecedented heights. He predicted that Bitcoin’s market capitalization would soar to $280 trillion by 2045, vastly outstripping categories like art and gold. This projection marks an approximately 280-fold increase from its current market cap of just over $1 trillion.
Saylor, who is thought to personally own more than $1 billion in Bitcoin, has helped MicroStrategy establish a reputation as the largest corporate holder of Bitcoin. The company currently holds around 226,000 Bitcoin, valued at about $15.3 billion as of Friday.
Addressing hundreds of attendees at this year's annual conference, Saylor’s keynote speech drew around 8,000 participants. Some waited in line for over an hour to hear the prominent Bitcoin advocate's latest insights and his unwavering support for Bitcoin.
“The global economy struggles because we rely on imperfect assets and flawed systems to store capital,” Saylor remarked, dubbing Bitcoin the "little orange asset that could."
Saylor discussed the "useful life" of various assets, noting that government-backed debt and luxury items like Ferraris have limited longevity. He contrasted these with digital assets, particularly Bitcoin, which he argued could significantly outlast traditional assets.
“Entropy is eroding the value of physical assets,” Saylor noted, citing factors like war, famine, and catastrophe as additional threats to their long-term value.
Saylor suggested that Bitcoin held with a custodian could have a useful life of around 1,000 years, self-custodied Bitcoin could last 10,000 years, and Bitcoin managed by artificial intelligence could endure for 100,000 years. This perspective partly explains Saylor’s decisive shift to Bitcoin just four years ago.
MicroStrategy began acquiring Bitcoin for its corporate treasury after the market crash of 2020 caused by the pandemic, and its buying spree has continued unabated. In June, the company added approximately 12,000 Bitcoin to its holdings when Bitcoin’s price was around $65,000, according to Bitcoin Treasuries. This marked MicroStrategy's 39th purchase since its initial acquisition of Bitcoin at roughly $12,000 in August 2020.
Saylor frequently highlights MicroStrategy’s stock performance as a measure of its success. This year, the company's stock has surged by 155%, reaching about $1,750, and peaked at $1,919 in March.
“It will be 48 months on August 10 since we embarked on this journey,” Saylor remarked, noting that many companies are currently attempting to replicate Nvidia’s success. “The irony is, copying MicroStrategy is straightforward. I’ve already shared the playbook.”
Before Saylor took the stage, OneMedNet, a publicly traded tech company specializing in clinical imaging solutions, followed suit by announcing a $1.8 million investment in Bitcoin from a private placement.
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