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Home Markets Cryptos
Bitcoin

Why Bitcoin could triple in value annually

Olumide Adesina by Olumide Adesina
3 years ago
in Cryptos, Spotlight
Share on FacebookShare on TwitterShare on Linkedin

The leader of the biggest traded business intelligence firm, Michael Saylor recently disclosed why he believes the flagship crypto-asset, Bitcoin, could triple in value yearly.

In a Stansberry Research interview, Saylor explained Bitcoin is monetary energy that will attract lots of money;

“In a monetary expansion environment where I crank the monetary inflation rate up by 15%, that $300 trillion has got to find a store of value that’s not a fiat derivative.

READ: 94% of Bitcoin investors are making money

“That means that Bitcoin is going to keep growing and its monetary force is going to keep growing and it’s probably going to grow 200% a year until it has demonetized gold, silver, sovereign debt, bond indexes, stock indexes, every source of monetary energy which is just a store of value for someone that doesn’t want to lose their purchasing power and needs a scarce asset, ” Saylor said.

Another key macro supporting the bullish bias of Micheal Saylor is data showing the number of addresses holding 1,000 BTC just reached a new all-time high of 2,446.

Over the last 21 days, 141 new whale addresses with over 1k BTC were created, suggesting large entities are expecting a significant price rise for Bitcoin in the near future.

READ: 100 Crypto wallets have at least 10,000 Bitcoins

The number of addresses holding 1,000 BTC just reached a new all time high of 2,446.

Over the last 21 days, 141 new whale address with over 1k BTC were created, suggesting large entities are expecting a significant price rise for #Bitcoin in the near future.

Chart: @glassnode pic.twitter.com/D6vMXBLugy

— Bloqport (@Bloqport) January 21, 2021

READ: CBN retains MPR at 11.5%, holds other parameters constant

Some days ago, MicroStrategy purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin, showing they hold approximately 70,784 Bitcoin, and thereby making the flagship crypto-asset scarce.

MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.https://t.co/zMJSH29bmC

— Michael Saylor⚡️ (@saylor) January 22, 2021


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Tags: BitcoinBusiness NewsCryptocurrencyCryptocurrency News
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Comments 1

  1. Dindul kaufa Dangin says:
    January 24, 2021 at 11:47 am

    I am a fellow nigeria, I really want to know a lot about the networking business

    Reply

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