Bitcoin (BTC) will be the preferred method of saving 1 billion people on their phones by 2026, predicted Michael Saylor, CEO of MicroStrategy.
In an interview with CNBC on February 23, Saylor, whose company owns more than 70,000 BTC, continued his public advocacy of Bitcoin, calling it “the dominant digital currency network”.
Saylor: Billions will choose Bitcoin for savings
Saylor spoke the day after Treasury Secretary Janet Yellen called Bitcoin “inefficient”. This was accompanied by a price drop of over 20% from the all-time high of $ 58,300.
However, to him, the comments were of little importance compared to the broader Bitcoin use case that quickly invaded the financial lives of more and more people.
“The story not told here is that Bitcoin is an egalitarian advanced technology,” he told CNBC’s Squawk Box segment.
“We will see a day when 7 to 8 billion people have a digital gold bar on their cell phone and use it to store their savings.”
He also cited Bitcoin’s 12-year race to become a trillion dollar asset – two to four times faster than tech giants like Amazon, Google and Apple.
“So, the world needs this thing, and I think you can assume that a billion people will be storing their value – essentially a savings account – on a mobile device within five years, and they will want to use something like Bitcoin, “he added.
“Bitcoin is the dominant digital currency network.”
Analyst: Tesla will “double” BTC holdings
Saylor continues to make waves with MicroStrategy’s ongoing Bitcoin purchases, which recently raised $ 900 million to top up existing holdings.
While skeptics claim few others will follow in the company’s footsteps, another CNBC guest Tuesday predicted that Tesla, which has bought $ 1.5 billion in BTC itself, will “double” its exposure.
“I think this is not just a fad. I think Tesla will continue to double its Bitcoin investment and you will see it from a transactional perspective, too,” said Dan Ives, chief executive officer and senior equity research analyst at Wedbush Securities.
BTC / USD saw a welcome respite on Tuesday as the lows of $ 45,000 went up after it was revealed that U.S. lawmakers reached an agreement with stable coin issuer Tether and ended a two-year lawsuit.
At the time of writing, the pair was trading above $ 48,000 with $ 50,000 appearing as current resistance.
“As expected, ‘they’ protected the 44,000 level. I think $ BTC will go up or sideways as there is no more Tether FUD,” added Ki Young Ju, CEO of on-chain analytics service CryptoQuant, about whales add that control the extent of further losses.