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Michael Saylor: Bitcoin is headed for a ten-year “gold rush”

The founder of technology giant MicroStrategy, Michael Saylor, said that Bitcoin will be in a “gold rush” for the next ten years. It is associated with a high increase in institutional acceptance, the entrepreneur notes.

Speaking at the Bitcoin Atlantis conference, Saylor expressed the opinion that cryptocurrency ETFs and the development of AI technologies will stimulate rapid growth in the industry. Institutions will try to acquire as much of the ever-shrinking supply of Bitcoin as possible, he notes.

Cryptocurrency ETFs

According to Saylor, the hype will last until 2034, after which it will decline, since by this time 99% of the first cryptocurrency will be mined. At the time of writing, the mentioned figure reached 93.5% of the total supply of Bitcoin, according to Buy Bitcoin Worldwide.

The entrepreneur believes that SEC-approved cryptocurrency ETFs serve as a “distribution channel” for 20% of interested parties. However, with the entry of banks and other companies from the field of traditional finance into the industry, the figure will increase to 100%, says Saylor.

“When clients are able to buy (bitcoin) through their institutional banking company or prime broker, they will be making a $50 million purchase decision in one hour. You will see the resistance drop. […] The day will come when Bitcoin will overtake gold and will trade at a higher price than the S&P ETF,” the founder of MicroStrategy emphasized.

Saylor also noted the important role of digital currency in ensuring Internet security. If someone needs to put timestamps, a cryptographic signature, or verify the uniqueness of content, Bitcoin technologies will become an indispensable tool, the businessman believes.

Michael Saylor paid special attention to the topic of artificial intelligence. In his opinion, the active development of this area will benefit the digital assets industry.

“If you want to create an AI version of yourself to live on the internet forever, you better give it some Bitcoin. Therefore, I think that there will be an interesting demand situation here,” the entrepreneur noted.

The co-founder of MicroStrategy also pointed out the general problems of AI technologies and the first cryptocurrency. We are talking about electricity consumption.

In early 2024, the US Department of Energy made an attempt to gain access to data from mining enterprises regarding this aspect. Only after the companies protested and a lawsuit was filed against the department did the authorities abandon the “emergency” collection of information.

Saylor said the AI ​​sector will face similar challenges and resistance when it comes to electricity consumption. Various stakeholders will actively oppose companies developing artificial intelligence, the businessman is sure.

“If you look at AI, many of the hyperscalers in the sector want to increase capacity to 60 GW this year and 600 GW within a decade. So what will happen is that they will inherit all the energetic fear and uncertainty that we faced before,” Saylor said.

Earlier it became known that the company MicroStrategy, founded by an entrepreneur, acquired 3,000 BTC. This happened between February 15 and February 24, 2024 and cost the company $155 million. Thus, the company’s Bitcoin reserves reached 193,000 BTC.

Source: Cryptocurrency

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