Bitcoin is down more than 60% from its recent all-time high, but Michael Sayer believes it will recover its price in the next four years.
MicroStrategy Co-Founder and Executive Chairman Michael Sailor has revealed that he expects bitcoin To return to November highs around $69,000 within the next four years.
His prediction comes despite Bitcoin’s poor performance since the start of the year. Bitcoin reached an all-time high of $69k in November 2021 but is now trading below $20k per coin.
Saylor said that the current price means that bitcoin has reached its lows and can only rise from here. he said
“It’s touched it many times. I think it’s stable.”
The leading cryptocurrency has been trading around the $19k mark since the beginning of the week. Sailor further predicted that bitcoin could reach $500k in the next decade.
According to the chairman of Microstrategy, Bitcoiner said that he expects the market cap of bitcoin to become equal to that of gold. He believes that bitcoin is a hedge against inflation, and that its market cap will increase in the coming years. Sailor said;
“The next logical step for bitcoin is to replace gold as a non-sovereign store of value asset.”
Sailor’s comments came days after Microstrategy bought an additional 301 bitcoins. The company bought coins for $6 million at an average price of over $19k per coin.
Following this latest development, MicroStrategy has 130,000 bitcoins, making it one of the largest institutional bitcoin holders in the world.
The company has spent more than $3 billion on bitcoin acquisitions over the years and may see its storage continue to grow.
MicroStrategy revealed earlier this year that it is building the Lightning Network, a payment protocol using the bitcoin blockchain.
According to data obtained from MarketWatch, Saylor personally owned about 17,732 bitcoins, which he bought at an average price of around $9,500.