At the BTC Prague 2024 conference, Michael Saylor, executive chairman of MicroStrategy, delivered a keynote address predicting that Bitcoin's price could reach up to $8 million (and even $24 million) per coin.
This prediction was part of his presentation on the “21 Rules of HODLing Bitcoin,” which outlines strategies for managing and sustaining investments in a highly volatile environment.
Saylor's speech offered a philosophical and strategic framework for understanding and investing in Bitcoin. He presented Bitcoin as not just a financial asset but as a revolutionary tool capable of reshaping global financial paradigms, as summarized by Luke Broyles via X.
Saylor’s 21 Rules
1. Understanding vs. Criticizing: Saylor emphasized the division between those who understand Bitcoin's potential and those who criticize it. He suggested that recognizing Bitcoin's potential is akin to seeing a paradigm shift before it fully unfolds.
2. Personal Evolution: Reflecting on his initial dismissive stance in 2013, Saylor shared how his view evolved as Bitcoin's resilience and potential became more apparent. His journey from skepticism to advocacy highlights a common path among investors.
3. Lifelong Learning: Saylor stressed that learning about Bitcoin is an ongoing process due to its complexity and evolving nature. He highlighted its relevance at the intersection of global economics, technology, and regulatory frameworks.
4. Historical Parallels: Drawing historical parallels, Saylor cited significant upheavals, such as WWII and the rise of communism in Europe, to illustrate Bitcoin's value as a non-geopolitical, stable store of wealth.
5. Equitable Opportunity: According to Saylor, Bitcoin offers an equitable opportunity compared to traditional financial systems, which he views as inherently skewed against the average person. He framed Bitcoin as a uniquely fair and transparent financial instrument.
6. Proactive Investment: He advised taking a proactive approach to investment, suggesting that substantial, thoughtful investment in Bitcoin is necessary to safeguard one’s financial future.
7. Ownership and Control: Saylor argued that Bitcoin enables ownership unmediated by any third party, highlighting the significance of cryptographic keys in controlling wealth.
8. Volatility and Growth: Reflecting on Bitcoin's volatility, Saylor shared a personal anecdote about initially dismissing Bitcoin at $892 and later buying it at $9,500. He remarked that everyone gets Bitcoin at the price they deserve and projected that Bitcoin could reach $8 million.
9. Investment Caution: Saylor advised only investing money one cannot afford to lose, emphasizing how detrimental it is to ignore Bitcoin at this stage in its adoption.
10. Transcending Conventional Systems: Describing fiat currencies and traditional economic indicators as "the matrix," Saylor championed Bitcoin as a means to transcend conventional financial systems.
11. Corporate Impact: Saylor shared insights into how Bitcoin's impact on his company’s financial stability was profound, illustrating the direct benefits of strategic Bitcoin investments on corporate finance.
12. Growth Projection: Saylor projected a conservative 24% compound annual growth rate (CAGR) over the next decade, potentially valuing Bitcoin at $600,000 by 2034.
13. Economic Remedy: Saylor described the current economic system as flawed and saw Bitcoin as a remedy for these issues, promoting it as a revolutionary technology.
14. Positive Approach: Rather than attacking the existing fiat system, Saylor urged a positive approach, advocating for building a new system with Bitcoin rather than destructively opposing the old.
15. Universal Utility: Saylor claimed that Bitcoin is for everyone and projected that digital capital like Bitcoin could eventually represent half of all value in the future global economy.
16. Shift in Perspective: Saylor advised learning to think in Bitcoin, encouraging a shift in perspective to view future technologies through the lens of Bitcoin.
17. Transformative Impact: Saylor highlighted how Bitcoin challenges individuals to rethink their approach to money, value, and investment on a global scale.
18. Long-term Focus: Saylor underscored the importance of maintaining focus on Bitcoin's long-term potential, envisioning a future where its market cap could escalate significantly. He forecasted that Bitcoin's market cap will soar from $1 trillion to $100 trillion, then to $300 trillion, and eventually to $500 trillion, translating to a value of $24,000,000 per Bitcoin.
19. Respect for Bitcoin: He cautioned against underestimating Bitcoin’s impact, warning that mocking this emerging financial technology is foolish.
20. Long-term Hodling: Saylor likened selling Bitcoin to self-sabotage, suggesting that it is a foundational asset for long-term financial security.
21. Promotion with Patience: Finally, Saylor emphasized the importance of patience and kindness in promoting Bitcoin, especially towards those initially critical or dismissive of its benefits.
Through these 21 rules, Saylor provided a blueprint for understanding and investing in Bitcoin, as well as participating in a broader movement that could potentially redefine the global economic order.