Strategy (NASDAQ:MSTR) Executive Chairman Michael Saylor says Bitcoin (CRYPTO: BTC) could eventually reach $7 million per coin if global capital markets adopt it as a mainstream form of digital capital.
BTC’s Path Is Eventual
Speaking on June 15 at BTC Prague, Saylor argued that Bitcoin currently represents only a tiny fraction of global wealth.
“Bitcoin has $1 trillion out of $1,000 trillion of capital,” Saylor said. “It represents 10 basis points of all the capital in the world.”
He predicts Bitcoin’s path from $70,000 to $700,000 and eventually $7 million depends on moving from 0.1% of global capital to 1%, then 2%, 3%, 5% and eventually 10%.
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It is “inevitable” that “the Bitcoin network is going to expand to be a hundred trillion network,” Saylor foresees.
Saylor’s Bitcoin Capitalism Thesis
Saylor described Bitcoin as “digital capital,” calling it superior to physical assets such as real estate or gold because it is global, programmable, divisible, immutable and not subject to tenants, weather, local taxes or political risk.
He noted Bitcoin has become the dominant crypto monetary network, pointing to its rising market share against other cryptocurrencies.
“There is no second best,” Saylor said, adding that he does not expect Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), XRP (CRYPTO: XRP) or any other token to challenge Bitcoin as global digital money.
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Saylor has seen Bitcoin’s dominance rise from about 40% during the 2021 crypto leverage cycle to nearly 70% today.
He reaffirmed the goal is to create “insanely great digital products” powered by Bitcoin, including money-market-like instruments, BTC-backed credit, yield products, insurance products and savings vehicles. This will assist in bringing conservative capital into the Bitcoin ecosystem.
“We’re not going to fix the money by preaching to people who already agree with us,” Saylor said. “We need to go to them.”
Banks, Advisors And The $156 Trillion Opportunity
Saylor argued that Bitcoin’s next phase requires integration with banks, wealth advisors, pension funds, insurance companies, retirement accounts and capital markets.
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He outlined that wealth advisors’ control roughly $156 trillion, while banks control about $200 trillion.
“If the bank can’t buy anything related to Bitcoin, there’s $200 trillion we’re never going to get,” he said.
Bitcoin capitalism is like a Darwinian market race, where companies that successfully package Bitcoin for banks, advisors, savers and institutions could become the next generation of major financial firms.
“The money’s not going to fix itself,” Saylor said. “The world is not going to fix itself.”
Image: Shutterstock
