Benzinga - Michael Saylor, the CEO of MicroStrategy, on Monday, expressed his bullish stance on Bitcoin’s (CRYPTO: BTC) future, stating, “Bitcoin’s price is still less than $0.05 million.”
What Happened: Saylor’s method of valuing Bitcoin in fractions of a million underscores his belief in its upside potential.
The price of $BTC is still less than $0.05M.— Michael Saylor⚡️ (@saylor) February 12, 2024
His comments arrive at a time when Bitcoin rose by 17.5% over the last week and passed the $50,000 mark for the first time since December 2021. The upward price movement coincides with investment flows into spot Bitcoin ETFs, which have been operational since January 11.
These Bitcoin ETFs, pioneered by some of the world’s largest mutual fund managers—including BlackRock, Fidelity, and ARK 21Shares—have accumulated in excess of $10 billion in assets in less than a month.
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Why It Matters: The Crypto Fear & Greed Index on Monday hit “Extreme Greed,” reaching a score of 79, the highest since November 2021.
Earlier, in an interview with CNBC, Saylor advocated Bitcoin as an “institutional-grade asset” with the destiny of soaring to $1 million per coin. "If Bitcoin is not going to zero then it's going to $1 million. If it's a legitimate institutional asset then everybody is under-allocated to it," he said.
Joining Saylor’s optimism, Samson Mow, CEO of Jan3, also supports the forecast of Bitcoin reaching the $1 million threshold. Mow on Monday rationalized the figure, suggesting that a 20-fold increase from his stated current price of “$0.05M” would result in a $1 million price for a single Bitcoin.
$0.05M x 20 = $1.0MIn 2017, #Bitcoin did 20x over 9 months, with no fundamental changes in market dynamics. In 2024, ETFs are bringing 100's of millions of dollars in inflows every trading day.
Plan accordingly.
— Samson Mow (@Excellion) February 12, 2024
"In 2017, Bitcoin did 20x over 9 months, with no fundamental changes in market dynamics. In 2024, ETFs are bringing 100's of millions of dollars in inflows every trading day. Plan accordingly."
Price Action: BTC was trading at $50,039, up 2.35% in the last 24 hours, according to Benzinga Pro.
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