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NewsBTC 2024-07-28 11:00:44

Michael Saylor Sets Audacious $49 Million Bitcoin Price Target – Details

Michael Saylor Sets Audacious $49 Million Bitcoin Price Target – Details

The price of Bitcoin has recently returned below $68,000, as it attempts to stage a recovery following a significant price dip in the last week. While the crypto market leader attempts to find a support, popular American billionaire and Bitcoin maxi Michael Saylor has released a daring 21-year price prediction for the premier cryptocurrency. Related Reading: This Bitcoin Mining Giant Just Spent $100 Million To Buy BTC $3 Million At Worst, $49 Million At Best: Saylor In an X post on July 27, Michael Saylor shared his expectations on Bitcoin for 2045 painting a bear, base, and bull scenario. He noted that the digital asset currently trades around $65,000 with a market cap of $1.3 trillion and accounts for 0.1% of world assets. From a bearish point of view, the Microstrategy CEO believes Bitcoin will at least achieve a $3 million price mark which should translate into a market cap of $68 trillion. If such predictions are realized, the asset is expected to represent 2% of global assets. Alternatively, in the most bullish case, Michael Saylor projects BTC to be trading at $49 million per unit in 2045 with a staggering market cap of $1.030 trillion. At such heights, Bitcoin will provide an annual recurring revenue (ARR) of 37, while representing 22% of all financial assets in the world. However, for a base scenario, Saylor projects Bitcoin to hit a market price of $13 million, which will allow the asset to gain a 7% market dominance with market shares valued at $280 trillion. Under these conditions, Bitcoin is expected to offer an ARR of 29%. Saylor’s audacious predictions add to the overflow of positive sentiments in the crypto market among many other developments. Notably, the US Republican Presidential candidate Donald Trump has recently restated his commitment to the crypto industry, with the intention of turning the US into the “Bitcoin superpower” of the world if elected into office. In addition, a potential rise in the adoption of Bitcoin spot ETFs also remains on the cards. The possible participation of traditional finance giants in this market could spell many gains for BTC in the coming years. Related Reading: VanEck CEO Owns ‘Way Over 30%’ In Bitcoin, Asset Manager Sees $2.9M Price By 2050 BTC Price Overview At the time of writing, Bitcoin trades at $67,222 reflecting a loss of 1.37% in the last day. However, the crypto asset is also up by 10.12% on the monthly chart. With respect to price movement, BTC’s next major price resistance lies at the $71,000 price mark. If the token is unable to move past this zone, it is expected to retest at $65, 000. Featured image from Forbes, chart from Tradingview

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