Michael Saylor target: Is $10M per BTC feasible?

Bitcoin [BTC] dumped further to $62K, down 13% from its June high of $71.9K. Despite the drawdown, MicroStrategy founder and CEO Michael Saylor

Bitcoin [BTC] price has been on a downtrend since June 2023. After hitting a high of $71.9K on June 14, BTC fell sharply over the following weeks. On August 2, BTC price dropped below $62K following a 13% decrease from its June peak.

Despite the significant drawdown, MicroStrategy founder and CEO Michael Saylor has maintained his bullish stance on Bitcoin, especially in the long run. In a recent interview, Saylor projected a price target of $10 million per BTC and called it “economic immortality.” He further elaborated on the difference between perfect and imperfect money.

‘What’s the difference between perfect money and imperfect money? Perfect money is economic immortality. Imperfect money has a short brutal life,” the exec added.

Saylor linked traditional currency to imperfect money. He noted that once a crisis hits, whether family, corporate, business, or national, people become more open to Bitcoin.

‘Everybody in the world gets offered perfect money once in their life. When a crisis hits your family, your corporation, your business, or your nation, you get offered perfect money — Bitcoin. And if you don’t take it, you get what you deserve.’

Michael Saylor target: Is $10M per BTC feasible?

A Bitcoin price projection based on Power Law supported Saylor’s bold projection of $10M per BTC, tentatively by 2040.

Power Law provides future projections based on previous growth and historical trend captured on a logarithmic scale. Based on the model and the above chart, Bitbo noted,

‘After 2028, the price will never drop below $100,000. The price will reach $1,000,000 per bitcoin no earlier than 2028 and no later than 2037. After 2037, the price will never drop below $1,000,000.’

However, the projection shouldn’t be followed blindly because it doesn’t consider advancement, regulatory changes, or other factors that could affect BTC.

But it’s not the first time Saylor has made the bold BTC projection. In December 2023, Saylor stated that the BTC market cap could hit 10% -20% of the total world wealth ($900-$1000 trillion).

If so, per Saylor, BTC could reach $10M per coin if it grabbed 20% of global assets. As of press time, BTC’s overall market value was $1.2 trillion, per CoinMarketCap, translating to less than 1% of total world wealth.