Bitcoin and cryptocurrency prices have staged a late Santa rally this week with the bitcoin price climbing over $50,000 per bitcoin—even as Tesla’s Elon Musk and Twitter cofounder Jack Dorsey spar over the future of crypto.
The bitcoin price climbed to levels not seen since before its early December crash, boosting the ethereum price. Meanwhile, smaller cryptocurrencies, including ethereum and its biggest rivals, have rocketed in recent weeks.
See more: Bitcoin prediction news
Ahead of the crypto market’s pre-Christmas surge, bitcoin evangelist Michael Saylor’s huge bitcoin price prediction was revealed—as well as his personal near-$900 million bitcoin stash.
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MicroStrategy’s chief executive Michael Saylor, who’s transformed his business intelligence company into a bitcoin acquisition vehicle over the last 18 months, expects the bitcoin price to eventually hit $6 million, according to details from a November interview with technology news site The Information published in its Crypto Global newsletter this week.
A $6 million bitcoin price, which has already climbed from around $4,000 in March 2020 to highs of almost $70,000 last month, would give the nearly 19 million bitcoins in circulation a combined value of $126 trillion—an increase of around 12,000% from its current near-$1 trillion market capitalization and making it by far the world’s most valuable commodity.
Saylor also said he personally owns 17,732 bitcoin, worth around $832 million at current prices, and has never sold any—however, he doesn’t own any other cryptocurrency besides bitcoin despite many climbing at a far faster clip than bitcoin over the last year.
“I don’t believe you should sell your bitcoin,” Saylor told The Information.
MicroStrategy, after beginning to acquire bitcoin in August 2020, has now bought just over 122,000 bitcoins now worth almost $6 billion and is increasingly being run as two separate businesses.
“Right now, the strategy is we run the software business as hard as we can,” Saylor said. “On the other side, we acquire and hold bitcoin.”
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MicroStrategy’s first $250 million bitcoin purchase is now worth around $1 billion and it has made a series of blockbuster bitcoin purchases since then, financed via company debt. Its latest $82 million bitcoin-buy was made earlier this month.
The company’s stock price has soared since August 2020, adding 300%, but has swung wildly along with the highly-volatile bitcoin price.
Saylor, who is infamous for losing $6 billion in a single day during the height of the dot-com bubble, has become known for his outlandish and ostentatious bitcoin quotes.
“Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy,” Saylor tweeted in September 2020.
Bitcoin’s huge rally over the last year or so has helped it to be taken more seriously on Wall Street and by established technology giants. Bitcoin has swept through Wall Street this year, with many of the biggest banks beginning to roll out crypto services and piling into crypto markets.
This week, former Twitter TWTR chief executive Jack Dorsey, who recently quit the social media giant he cofounded to grow his payments company, predicted bitcoin will eventually replace the U.S. dollar.