Microstrategy CEO Michael Saylor Predicts Bitcoin Will Hit $1M as Mainstream Adoption Increases

Michael Saylor, the executive chairman of the Bitcoin-backed company Strategy, is known for his bold predictions regarding Bitcoin's future value. Recently, Saylor took to X, the platform formerly known as Twitter, to claim that by the time financial advisers approve Bitcoin as a good investment, it might already be too late to buy.

"By the time your financial adviser says it’s OK to buy Bitcoin, it’ll cost $1 million. When they say it’s a good idea, it’ll be $10 million," said Saylor.

Saylor's comments come at a time when institutional interest in Bitcoin is growing rapidly. U.S. fund managers like Fidelity, Charles Schwab, Wells Fargo, Mariner, and Fisher Investments have collectively invested over $19 billion in Bitcoin ETFs.

According to Chainalysis data, these large investments show that Bitcoin is moving from a niche asset to something major institutions are increasingly putting money into.

Saylor believes that this increased institutional interest will only drive Bitcoin's price higher.

"The fact that they’re investing billions of dollars in it every quarter and it’s still going to be limited in supply means that the price has to go up to clear the demand," said Saylor.

As more institutions get involved, Bitcoin's scarcity becomes even more significant. Saylor argues that this will push the price of Bitcoin up, making it harder for regular investors to afford. He believes that Bitcoin could soon hit $10 million per coin once banks and financial institutions fully adopt it.

"It’s going to be too expensive to buy by the time they say it’s a good idea," said Saylor.

Saylor's outlook on Bitcoin is based on the idea that as more banks and institutions start to use Bitcoin, demand will push its price through the roof. He sees Bitcoin as a major shift in how the world thinks about money, and as more financial giants adopt it, the price will only rise.

"I think we're going to be living through one of the greatest economic and technological revolutions in history," said Anthony Pompliano, the host of The Pomp Podcast and a host of the podcast "Deep Levels."

Pompliano agrees with Saylor's prediction that Bitcoin could reach $1 million, highlighting the fact that U.S. fund managers have already invested an enormous sum in Bitcoin ETFs.

Pompliano also notes that Bitcoin's supply is limited, with only 21 million coins to be mined. He believes that as global demand for Bitcoin continues to grow, the limited supply will push the price up.

"We're flowing through a period of time where we're going to see Bitcoin adoption go mainstream," said Pompliano.

Major fintech companies are preparing to offer Bitcoin services, and countries like El Salvador and some U.S. states are increasing their Bitcoin reserves. These moves are expected to bring more mainstream attention to Bitcoin.

However, despite the predictions of a $1 million Bitcoin price, Pompliano acknowledges the cryptocurrency's volatility. He emphasizes that while the window for purchasing Bitcoin at lower prices is closing quickly, it's still an early stage in the broader adoption of Bitcoin.