Bitcoin is going through a bullish period, and the predictions of experts like Michael Saylor, the CEO and Co-Founder of MicroStrategy Inc., are generating a lot of enthusiasm. Saylor has made a bold prediction in which he claims that BTC could increase its value, potentially multiplying it by 10 times the current value.
One of the main factors in Saylor’s prediction is the upcoming Bitcoin “halving” event, scheduled for April next year.
The halving is an intrinsic event in the Bitcoin network that occurs approximately every four years or after around 210,000 blocks have been mined.
During each halving, the rewards given to Bitcoin miners are halved, which means that fewer new Bitcoins will be generated.
“When banks and responsible custodians are managing #Bitcoin & the industry takes its eyes away from all of the shiny little tokens that have distracted & demolished shareholder value, I think the industry moves to the next level and we 10X from here.” @saylor to @SaraEisen pic.twitter.com/sVKugHt7Tx
— Brad Mills 🔑⚡️ (@bradmillscan) November 2, 2023
This has a direct impact on the supply, as it reduces the number of Bitcoins entering the market.
In addition to the halving, Saylor also emphasizes the potential approval of a Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
This approval would make it easier for institutional investors to access Bitcoin, which could significantly increase the demand for the cryptocurrency.
The combination of a reduced supply due to the halving and an increase in demand through the Bitcoin ETF could create a scenario where demand greatly exceeds supply, likely resulting in a significant surge in the price.
Everyone Is Optimistic About Bitcoin’s Future
Saylor also highlights the fundamental role that financial institutions will play in the future of Bitcoin.
As banks and other responsible custodians begin to adopt BTC, it is expected that the asset and the entire industry will stabilize. Institutional confidence in Bitcoin could attract a steady flow of investment, which would have a significant impact on its price.
The enthusiasm surrounding the approval of the ETF is not limited to Michael Saylor’s views. Other entities, such as Bernstein Research and JPMorgan Chase, have also expressed optimism and believe it is a near-term possibility.
Bernstein Research, in particular, considers it highly likely that the SEC will approve the Bitcoin ETF before January 10. Additionally, Galaxy Digital predicts that the approval will increase the price of the cryptocurrency by 74%, attracting significant investment flows.
Regarding Bitcoin’s current status, according to CoinMarketCap data, the cryptocurrency is trading at around $34,214. While it has experienced gains in the past week, it has also recorded some losses in the last 24 hours.