The cryptocurrency market is having green days on expectations that the Federal Reserve will soften its aggressive stance. Leading crypto Bitcoin (BTC) has gained more than 20% in a week with an eye-catching performance. Famous Bitcoin maximalist and MicroStrategy co-founder Michael Saylor explains his Bitcoin expectations for the next eight years.
“Bitcoin institutional adoption will increase”
Leading crypto continues its life among its fans and critics. Bitcoin critics like the ‘gold beetle’ Peter Schiff expect Bitcoin to die, while Bitcoin maxis like Michael Saylor predict greater institutional acceptance. Michael Saylor, co-founder and chairman of the board of American business intelligence company MicroStrategy, shared his views on what will happen to Bitcoin (BTC) in the next eight years.
In a recent interview with Cory Klippsten, founder and CEO of Swan Bitcoin, Michael Saylor says that Bitcoin will “become a global store of value by 2031.” According to Saylor, institutional adoption will be one of the first drivers of the leading crypto’s status as a global store of value in the coming years.
Meanwhile, Saylor also explains how corporate adoption will happen. According to him, this will be possible through the decisions of the US Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC) and traditional financial institutions. Also, Michael Saylor talks about how companies that previously stayed away from Bitcoin like BlackRock and Fidelity have recently started to adopt Bitcoin because of its potential.
“We will experience a Lightning Network explosion”
Michael Saylor also cites the explosive growth of the Lightning Network as another factor that will make Bitcoin a global store of value. Lightning Network is a layer-2 solution built on the Bitcoin protocol to make transactions faster and cheaper. Interestingly, MicroStrategy plans to develop applications powered by the Lightning Network that can reach millions of users.
According to Saylor, developing ‘killer apps’ like Lightning Wallets that move digital dollars and BTC and move in and out of local currency will create massive demand for the asset. In this context, Saylor makes the following statement:
I just describe it as in 1991, when you had TCP IP and we had the internet, but not many people were using it. Back in 1994 you had the Netscape browser and now it’s the killer app for the internet and before long 100 million people downloaded it and the browser exploded.
“Macroeconomic headwinds will inflate the sails”
The MicroStrategy co-founder states that macroeconomic headwinds such as the US Federal Reserve’s rate hikes are key factors that will help Bitcoin gain the status of a global store of value.
As you follow on Kriptokoin.com, the Fed increased the fed funds rate seven times in 2022 to rein in inflation. Also, more are expected this year. Saylor states that inflation will rise when the Fed cuts interest rate hikes, which will be a marketing driver for the leading cryptocurrency. Saylor states that the combination of these factors will play against the new reality. Because according to him, Bitcoin is not the only digital commodity, the only crypto asset and the second best crypto asset.
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