In a recent post on the X platform, Erik Voorhees, the founder of Spaceshift and Venice AI, praised MicroStrategy’s latest big Bitcoin purchase. The company, led by Michael Saylor, acquired an additional 18,000 BTC, totaling a staggering $1.1 billion.
The average price at which the Bitcoin was bought was $60,408, bringing MicroStrategy’s total holdings to 244,800 BTC, valued at $14,675,662,080. Voorhees described this move as bold, highlighting the increasing value of Bitcoin and MicroStrategy’s relentless accumulation of the digital asset.
With the U.S. dollar losing value due to government policies, many Bitcoiners, including Voorhees, see the importance of investing in scarce assets like Bitcoin. Max Keiser, a Bitcoin maximalist and advisor to the president of El Salvador, also commended Saylor and MicroStrategy for their Bitcoin bet.
Future Projections: $10 Million per Bitcoin?
During a recent appearance on CNBC’s Squawk Box, Michael Saylor shared his optimistic outlook on Bitcoin’s future. He believes that in 21 years, Bitcoin could reach a price of $10 million per coin, a projection that echoes a similar sentiment expressed by the late cypherpunk legend Hal Finney in 2009.
Finney, who was believed by some to be Satoshi Nakamoto, the creator of Bitcoin, predicted that if Bitcoin becomes the dominant payment system, each coin could eventually be valued at $10 million.
MicroStrategy’s strategic move into Bitcoin has not only positioned the company ahead of its peers in the S&P 500 index but also reflects a growing trend towards investing in digital assets as a hedge against inflation and currency devaluation.
Overall, the increasing adoption and recognition of Bitcoin by institutional investors like MicroStrategy signal a shift towards a more decentralized and digital financial future, where traditional assets may no longer hold the same value and security as digital currencies.