Bitcoin (BTC) will be the saving method of choice for a billion people on their phones by 2026, predicts Michael Saylor, CEO of MicroStrategy.
In one interview with TBEN on February 23, Saylor, whose company owns more than 70,000 BTC, continued its public advocacy for Bitcoin, calling it “the dominant digital currency network.”
Saylor: billions will choose Bitcoin to save money
Saylor was speaking a day after U.S. Treasury Secretary Janet Yellen described Bitcoin as “inefficient,” comments that accompanied a price drop of more than 20% from all-time highs of $ 58,300.
For him, however, his comments had little bearing on the larger use case of Bitcoin rapidly encroaching on the financial lives of more and more people.
“The story here that isn’t being told is that Bitcoin is a progressive egalitarian technology,” he told TBEN’s Squawk Box segment.
“We’re going to see a day when 7-8 billion people will have a digital gold bar on their phone and use it to store their savings.”
Continuing, he cited Bitcoin’s 12-year race to become a trillion-dollar asset – two to four times faster than tech giants such as Amazon, Google and Apple.
“So the world needs this thing and I think you can expect a billion people to store their value – basically a savings account – on a mobile device within five years and they will want to use something. like Bitcoin. ,” he added.
“Bitcoin is the dominant digital currency network.”
Analyst: Tesla will ‘double’ on BTC holdings
Saylor continues to make waves with MicroStategy’s ongoing Bitcoin purchases, the latest of which involved raising $ 900 million just to add to its existing holdings.
While skeptics say few others will follow in the company’s footsteps, another TBEN guest announced on Tuesday that Tesla, which itself bought $ 1.5 billion worth of BTC, will “double” its exposure.
“I think it’s not just a fad; I think Tesla will continue to double its investment in Bitcoin and you’ll see it from a transactions perspective as well,” Dan Ives, Managing Director and Senior Research Analyst at the shares at Wedbush Securities mentioned.
BTC / USD saw a welcome reprieve on Tuesday as lows of $ 45,000 reversed to the upside following news that U.S. lawmakers had reached a deal with stablecoin issuer Tether, ending lawsuit two years.
At the time of writing, the pair is trading above $ 48,000 with $ 50,000 appearing to act as current resistance.
“As expected, ‘they’ have protected the 44k level. I think $ BTC will rise or go aside as there is no more Tether FUD,” Ki Young Ju, CEO of chain analysis service CryptoQuant added on whales controlling the magnitude of additional losses.