Bitcoin super bull Michael Saylor, co-founder and executive chairman of MicroStrategy, reiterated on Monday that Bitcoin will one day reach $1 million. “There is a lot of uncertainty in the rest of the crypto ecosystem, but one thing we can count on is the development of Bitcoin BTC/USD in 2024,” Thaler said in an interview.
“Strategies built around Bitcoin are generally quite safe for institutions,” Thaler said.
He also discussed new rules announced by the U.S. Financial Accounting Standards Board (FASB) that will require companies to account for cryptocurrencies such as Bitcoin at fair value.
Thaler welcomes this as he believes it will bring more transparency and clarity to companies holding Bitcoin, and sees it as an opportunity for public companies to invest in Bitcoin as a legitimate reserve asset.
He said: "Bitcoin represents the digital transformation of capital. 99.9% of the world's capital is tied up in real estate, stocks, precious metals and bonds. This is a 1% transformation. As people understand digital assets, they realize that more and more funds should be allocated to digital assets."
When asked about the recent rally in Bitcoin prices, which are up 56% since early October, Thaler said: “As long as Bitcoin doesn’t go to zero, it will go to $1 million.”
Regarding the impact of the upcoming Bitcoin spot ETF news on the rebound, Thaler added: "This ETF news is good news. Easing monetary policy is good news. Inflation around the world will drive Bitcoin adoption. Of course, the halving will reduce the supply of Bitcoin sold by miners in half. So, over the next 6 months, we will see a series of very optimistic milestones, and I think the smart money is investing early."
MicroStrategy, led by Thaler, began investing in Bitcoin in August 2020. As of the end of November, the company held 174,530 Bitcoins at a cost of approximately $5.28 billion, an average of $30,252 per coin.