MicroStrategy’s chief executive Michael Saylor, who’s transformed his business intelligence company into a bitcoin acquisition vehicle over the last 18 months, expects the bitcoin price to eventually hit $6 million, according to details from a November interview with technology news site The Information published in its Crypto Global newsletter this week.
A $6 million bitcoin price, which has already climbed from around $4,000 in March 2020 to highs of almost $70,000 last month, would give the nearly 19 million bitcoins in circulation a combined value of $126 trillion—an increase of around 12,000% from its current near-$1 trillion market capitalization and making it by far the world’s most valuable commodity.
MicroStrategy’s first $250 million bitcoin purchase is now worth around $1 billion and it has made a series of blockbuster bitcoin purchases since then, financed via company debt. Its latest $82 million bitcoin-buy was made earlier this month.
The company’s stock price has soared since August 2020, adding 300%, but has swung wildly along with the highly-volatile bitcoin price.
Saylor, who is infamous for losing $6 billion in a single day during the height of the dot-com bubble, has become known for his outlandish and ostentatious bitcoin quotes.
“Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy,” Saylor tweeted in September 2020.