March 27, 2024
Decade-Long Bitcoin Boom Predicted by Michael Saylor, Fueled by AI and ETFs
Bitcoin News

Decade-Long Bitcoin Boom Predicted by Michael Saylor, Fueled by AI and ETFs

In a recent panel discussion at the Bitcoin Atlantis conference on March 1, Michael Saylor, the co-founder and executive chairman of MicroStrategy, expressed his belief that the launch of spot Bitcoin exchange-traded funds (ETFs) has initiated a decade-long institutional “gold rush” for Bitcoin, coinciding with the rise of autonomous AI.

Saylor highlighted the significance of spot Bitcoin ETFs, asserting that they have catalyzed a period of “high growth institutional adoption” for Bitcoin. He envisioned this era as commencing in January 2024 and extending until approximately November 2034. Saylor pointed out that by 2035, 99% of all Bitcoin will have been mined, marking the onset of the cryptocurrency’s “growth phase.”

Currently, around 93.5% of the 21 million Bitcoins that will ever be issued have been mined, as reported by Buy Bitcoin Worldwide. Saylor noted that spot Bitcoin ETFs currently serve as a “distribution channel” for only 10–20% of interested parties but predicted this figure to rise to 100% once banks and institutional wirehouses facilitate Bitcoin trades.

Saylor emphasized the growing demand for Bitcoin custody services among banks, driven by pressure from their largest clients. He predicted a future where banks seamlessly integrate Bitcoin transactions, facilitating multi-million-dollar decisions within hours. Saylor anticipated that Bitcoin would surpass gold in trading volume and eventually trade more than S&P index ETFs.

Furthermore, Saylor highlighted Bitcoin’s crucial role in securing the internet amidst the AI revolution, citing its utility in watermarking, timestamping, and cryptographically signing messages and content. He projected that AI-driven demand would further fuel Bitcoin adoption.

Addressing concerns about Bitcoin’s environmental impact, Saylor argued that attention is shifting towards AI’s energy demands. He attributed Bitcoin’s increasing energy efficiency to a decrease in environmental scrutiny, as policymakers and lobbyists focus on AI’s energy consumption.

Joining the discussion, investment strategist Lyn Alden highlighted the potential for Bitcoin adoption by nation-states, citing examples such as El Salvador’s embrace of Bitcoin. Alden argued that Bitcoin adoption fosters financial hubs, driving capital inflows and economic growth.

Investment manager Lawrence Lepard echoed Alden’s sentiments, noting that capital controls imposed by oppressive regimes often drive Bitcoin adoption. Despite Nigeria’s previous ban on Bitcoin and cryptocurrencies, the country boasts the highest peer-to-peer market volumes globally.

As Bitcoin’s adoption continues to evolve globally, analysts anticipate a paradigm shift in financial markets, with Bitcoin playing a pivotal role in reshaping traditional notions of value and wealth accumulation.

Image: Wallpapers.com

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