Saylor Says Crypto Winters Are History and Bitcoin Is Headed for $1 Million

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Strategy Executive Chairman Michael Saylor says crypto winters are history and that Bitcoin is headed for $1 million per coin.

“Winter is not coming back,” Saylor told Bloomberg on Tuesday. “We’re past that phase; if Bitcoin’s not going to zero, it’s going to $1 million.”

Strategy, formerly called MicroStrategy, has been aggressively buying Bitcoin since 2020 and is the biggest corporate holder of the king of cryptos.

Saylor Says All The Evidence To Back His $1M Bitcoin Prediction Is There

According to Saylor, there are several factors that support his bullish outlook for Bitcoin.

That includes US President Donald Trump’s embrace of Bitcoin and crypto, the Cabinet’s support of BTC, US Treasury Secretary Scott Bessent’s Bitcoin support, and the fact that a new pro-crypto Securities and Exchange Commission (SEC) Chair Paul Atkins has been chosen.

On @BloombergTV: I explain $STRK, $STRF, $STRD, the risk of shorting $MSTR, the rise of Bitcoin Treasury Companies, our 100% BTC @Strategy, debunk Quantum FUD, and show why AI is bullish for Bitcoin.pic.twitter.com/mOAaAm6DaD

— Michael Saylor (@saylor) June 12, 2024

Saylor also said that banks in the US will soon custody Bitcoin and said Bitcoin has passed its riskiest period.

Only Takes $50 Million A Day To Boost Bitcoin’s Price

Saylor says there are currently only 450 BTC a day available for sale through Bitcoin miners, which he called “natural sellers.” At current prices, he estimated that this amount of BTC works out to around $50 million available for sale every day.

“If that $50 million is spot, then the price has got to move up,” he said. “Now, if you do the math, you’ll actually see the Bitcoin Treasury companies alone are buying the entire natural supply.”

BlackRock and other asset managers are creating upward pressure on the BTC price via the Bitcoin they buy for their spot BTC ETFs (exchange-traded funds), he said.

“So I think when Bitcoin rallies, if it surges to $500,000 or $1,000,000, then maybe we could talk about it crashing down by $200,000 a coin,” Saylor said. “But at the current price levels, it only takes $50 million to turn the entire driveshaft of the crypto economy one turn.”

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