Bitcoin has made massive progress in recent years. A good example of this progress is the recently approved spot Bitcoin ETFs. Bitcoin even hit a new all-time high this year, and that wasn’t even in a bull market.
But can we see Bitcoin doing as much as 100x? That’s a question every Bitcoin holder would love answered. Yes, it’s possible to see Bitcoin doing 100x. But that’s a future thing, and a lot would need to change for that to happen. Michael Saylor, the founder of MicroStrategy, recently shared 3 ways we could see Bitcoin doing 100x. Saylor shared this during the just concluded Bitcoin Conference. But with Bitcoin down, we thought sharing this now could give massive hope to BTC holders.
Institutional Acceptance and Fair Regulation
Saylor believes the first way to move Bitcoin forward is through broader institutional acceptance. And that’s only possible through fair and comprehensive regulation. Saylor pointed out that while the approval of the spot Bitcoin ETF earlier this year was a huge win for us, it was incomplete.
How so? He cited the lack of options trading on Bitcoin ETF shares and the unfavorable tax implications when moving Bitcoin in and out of ETFs as a problem. Saylor believes institutional investors are on the edge because of this. And that’s bad for business.
Another problem, according to Saylor, is the poor opinion from regulatory bodies like the SEC. Saylor claims the SEC “grudgingly” approved Bitcoin ETFs. But that hasn’t stopped the regulator from sharing negative opinions about Bitcoin. Such opinions would naturally cast a shadow on any asset. So, if we want BTC to move forward, we need to shift federal regulators’ opinions from negative to at least neutral.
So, if we can get regulators to be more positive and fix these tax issues, more institutional investors might jump on board. That could make Bitcoin less volatile and more appealing as an investment. This means we are on the way to 100x.
Fair Accounting Practices
Saylor’s second point focused on the importance of fair accounting for Bitcoin. The current system lets you report gains but not losses, which seems pretty unfair. Saylor believes this “indefinite, intangible” accounting system is for things “you don’t want people to buy.”
But there’s good news: changes are coming. We already saw some fair value accounting earlier this year. And Saylor thinks we are 70% almost there. Starting next year, fair value accounting will be mandatory. Bitcoin could enjoy a massive boost once more companies report multi-billion gains. Once Bitcoin becomes more attractive on balance sheets, demand could go up. And that means the price is also on the move.
The Importance of Self-Custody
Saylor’s final point was about self-custody—the ability for people and companies to hold their own Bitcoin. Right now, some regulations make this tough, especially for banks. Saylor argues that this is bad for Bitcoin. He predicts that once regulations ease up, big banks like JP Morgan and Goldman Sachs will jump into the Bitcoin custody game. When that happens, these banks could start buying, selling, and even offering loans backed by Bitcoin. This would open up a whole new world of possibilities for Bitcoin, making it more mainstream and possibly sending its value through the roof.
Saylor’s Deep Involvement in Bitcoin
Saylor’s bullish stance on Bitcoin isn’t just talk. He is one of the biggest individual Bitcoin holders. As the head of MicroStrategy, he’s led the charge in buying up Bitcoin. He turned it into a key part of the company’s strategy. Saylor has also been one of Bitcoin’s most vocal supporters, often moving markets with his bullish predictions. He genuinely believes Bitcoin is the future, and his latest insights suggest he thinks the best is yet to come.
Saylor’s outlook could be just the encouragement you need as a BTC holder. We expect lots of challenges ahead. But according to him, the potential rewards could be massive.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.
