In a recent interview with the YouTube channel Altcoin Daily, Microstaregy co-founder and avid Bitcoiner Michael Saylor predicted institutional interest would push Bitcoin beyond $1 million.
The tech mogul has long been a proponent of the $1 million Bitcoin price prediction, but in his interview with Altcoin Daily, he explained how recent events have made him even more bullish.
According to Saylor, the move from Blackrock, Fidelity, Citadel and other asset managers to adopt Bitcoin will benefit Bitcoin and society as a whole.
He also compared Bitcoin to “owning the building”, juxtaposing the self-sovereignty that Bitcoin provides to property rights for real estate.
However, Michael Saylor is more than just a Bitcoin advocate. He backs up his words with actions.
Between April and June, Michael Saylor’s Microstrategy acquired 12,333 Bitcoin worth $347 million at the time of purchase.
This puts Microstrategy’s total holdings to 152,333 Bitcoin, worth a staggering $4,553,690,369.
Currently, Microstrategy is the second largest holder of Bitcoin amongst companies, only behind Grayscale, which holds over 600,000 Bitcoin.
In the Altcoin Daily interview, Saylor referenced how adoption from asset managers and banks is crucial in developing the infrastructure required for mass Bitcoin adoption.
Institutional interest soared following Blackrock filing for a Bitcoin spot ETF on June 15. Other institutions then followed suit, with most naming Coinbase as their “surveillance sharing” partner.
Bitcoin is currently trading at $29,887, up 20% following Blackrock’s ETF filing.
While a long road to Saylor’s $1 million price prediction remains, interest from the world’s largest asset managers shows Bitcoin provides a viable alternative to the traditional financial system.
Other Bitcoin News: Stake-to-Earn Token BTC20 Hits $200k in Exciting Presale
Despite the recent institutional interest in Bitcoin, the network still suffers issues regarding its usability and sustainability.
With this in mind, a new presale project BTC20 has launched, offering investors the chance to buy a “more versatile Bitcoin” at its 2011 price of just $1.
Despite launching less than 48 hours ago, the project has already undergone immense success, raising over $200K.
BTC20 is built on the Ethereum chain, meaning it can integrate with other Ethereum-based dApps and be used in DeFi. Moreover, it means users can buy and manage it from their MetaMask or other Ethereum wallet.
Bitcoin mining has been long criticised for its mass-energy usage and the complexity and cost of being a miner. However, BTC20 boasts a Stake to Earn mechanism, enabling users to deposit BTC20 into an Ethereum smart contract and earn passive rewards without lifting a finger.
Like Bitcoin, BTC20 has a 21 million token capped supply. A total of 6.05 million BTC20 will be available in the presale for $1, with the remaining tokens and any unsold presale tokens allocated to staking rewards.
Consequently, in typical Bitcoin fashion, BTC20 will be 100% community owned and decentralised.
With the presale quickly building momentum, investors must act fast to secure their BTC20 for just $1.