Michael Saylor, the executive chairman of MicroStrategy, delivered an optimistic keynote address on Friday at the Bitcoin 2024 conference in Nashville. Saylor forecasted that Bitcoin’s market capitalization could soar to $280 trillion by 2045, a staggering increase from its current valuation of just over $1 trillion.
In his address, Saylor emphasized the inefficiencies of traditional assets and systems in the global economy, advocating for Bitcoin as a superior store of value. He described Bitcoin as the “little orange asset that could,” highlighting its potential longevity compared to other assets. He noted that government-backed debt and luxury items like Ferraris have limited lifespans, whereas he believes Bitcoin can endure significantly longer.
Saylor argued that physical assets are subject to entropy, with their value being eroded by factors such as war, famine, and catastrophe. In contrast, he suggested that Bitcoin, particularly when self-custodied or managed with artificial intelligence, could have a useful life spanning thousands of years. This perspective underscores Saylor’s strategic shift to Bitcoin four years ago.
MicroStrategy’s aggressive acquisition of Bitcoin began following the market crash induced by the pandemic in 2020. The company has continually increased its Bitcoin holdings, recently adding around 12,000 Bitcoin in June when the price was approximately $65,000. This purchase marked MicroStrategy’s 39th acquisition since its initial Bitcoin purchase in August 2020 at around $12,000 per coin.