Here's How Much $50 Worth of Bitcoin Could Be Worth if Michael Saylor's Prediction Is Correct

Michael Saylor is co-founder and chairman of MicroStrategy, a software development company that has placed a heavy emphasis on Bitcoin in recent years.

MicroStrategy co-founder and chairman Michael Saylor is known for his bullish predictions on Bitcoin's future price. Among his boldest claims is the possibility of BTC reaching $10 million per coin. Here's how much $50 worth of Bitcoin could be worth if Saylor's prediction comes to fruition.

MicroStrategy has been on a Bitcoin buying spree since August 2020. The company now holds more than 1% of the entire BTC supply, with assets valued at over $15 billion at current prices.

According to recent filings, MicroStrategy acquired the tokens at a cost basis of less than $35,000, indicating an unrealized gain of over 100% on the total position. Moreover, the company notably used convertible notes to fund these Bitcoin purchases, a risky strategy that has ultimately worked in Microstrategy's favor.

Saylor has relentlessly voiced his support for Bitcoin on social media and podcasts, expressing optimism about its future price and the broader crypto space. In one appearance on the Lex Fridman podcast, Saylor stated, “I think it’s going to keep going up forever. I mean, there’s no reason why we can't get to $10 million per coin.”

This isn't the first time Saylor has mentioned $10 million as a price target for Bitcoin, and each time he applies a similar logic to explain his reasoning.

Saylor highlights that a large portion of the world's wealth is tied up in value-storing assets like gold, art, and real estate. He believes that Bitcoin, being a superior store of value with a fully transparent and predictable code determining its supply, will eventually overtake these other assets. He likens it to investing in valuable real estate, where the logic dictates that the price should continue to rise as more people choose to allocate their funds into the asset class.

If you were to buy $50 worth of Bitcoin today, you would own approximately 0.0007 BTC. Now, if the price of Bitcoin were to reach $10 million, an increase of almost 14,000%, your 0.0007 BTC would be valued at around $7,000.

It's also crucial to consider that Saylor, as a major Bitcoin holder and someone whose company would directly benefit from price increases, has a vested interest in making the asset appealing to potential investors.

Having rebranded MicroStrategy as “the world’s first Bitcoin development company,” to further benefit from the increased adoption of BTC, it's essential to take Saylor's predictions with a grain of salt, as his statements ultimately serve to encourage greater participation in the Bitcoin market, which would, in turn, benefit his company's bottom line.

However, Saylor's logic does hold some truth. With Bitcoin's limited supply, there is a theoretical potential for the price to continue rising indefinitely as more people choose to allocate their funds into the asset. Getting more people on board is the only hurdle to reaching the $10 million mark.

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This article Here’s How Much $50 Bitcoin Could Be Worth If Michael Saylor’s Prediction Is Correct originally appeared on Benzinga.com

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