Share this article
Here's Why Bitcoin Will 10X From Here: Michael Saylor
"For the industry to move to the next level, we need to migrate to adult supervision," said the MicroStrategy executive chairman.
Updated Nov 2, 2023, 5:19 p.m. Published Nov 2, 2023, 5:19 p.m.
"You can never have too much bitcoin [BTC]," said Michael Saylor, appearing on CNBC one day after his company MicroStrategy (MSTR) reported its third-quarter earnings.
That Saylor is a bitcoin bull will not exactly come as breaking news, but he took note of a number of specific near- to medium-term catalysts.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
First among them is what's soon be a sizable reduction in supply coming alongside a surge in demand. Bitcoin miners, said Saylor, need to sell bitcoin in order to keep the lights on, and he noted those sales are currently running at about $1 billion per month. The halving – expected to occur in April 2024 – however, means miners will soon have only half of that available to sell.
"You're going to see $12 billion of natural selling per year converted into $6 billion of natural selling per year," he said. At the same time, he noted, spot bitcoin ETFs are going to be a source of increased buying pressure.
Secondly, there are soon to be new rules implementing fair value accounting for company bitcoin holdings. "Long term," said Saylor, "this is going to open the door for corporations to adopt bitcoin as a treasury asset and create shareholder value with their balance sheets."
Read more: FASB Says Crypto Assets Should Be Marked at Current Values
Finally, Saylor addressed the current news cycle, including the fraud trial of former crypto wonder-kid Sam Bankman-Fried. "Early crypto cowboys, the crypto tokens that are unregistered securities, the unreliable crypto custodians" were liabilities for bitcoin, he argued.
"For the industry to move to the next level," said Saylor, "we need to migrate to adult supervision. We need to rationalize away from the 100,000 crypto tokens ... that people are manipulating to bitcoin."
"When the industry takes its eyes away from the shiny little tokens that have distracted and demolished shareholder value, I think the industry moves to the next level and we 10X from here."
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
What to know:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Top Stories
