Key Takeaways
- Michael Saylor believes Bitcoin still has “10-100x” growth potential.
- To make money investing, “you need to be early enough that 95% of the people think you’re wrong,” he said.
- While Bitcoin has done 10x and 100x in the past, its growth has slowed in recent cycles.
Bitcoin evangelist Michael Saylor thinks there is still plenty of room for Bitcoin to appreciate in value.
During a keynote address on Monday, Sept. 8, Saylor said, “most of the world still doesn’t get” Bitcoin. But he said that was a good thing because it means there are still good profits to be made.
Bitcoin Investors Are Still Early
More than 16 years since Bitcoin’s genesis block, the cryptocurrency has become a household name held by over 100 million investors and major financial institutions. But compared to other asset classes, it can hardly be considered mainstream.
In Saylor’s view, that means Bitcoin still has “10-100x” growth potential.
“The way you make [money] is to figure something out while the majority of the world doesn’t get it,” he argued.
When they all agree with you, it won’t be a good investment, adding, “It will be a mainstream investment.”
“Obscene Amounts of Money” Still To Be Made
Expanding on his investment philosophy, Saylor said:
“You need to be right, but you need to be early enough that 95% of the people think you’re wrong. That’s how you make obscene amounts of money.”
But does Bitcoin have the potential to go 100x again? And if so, how long will it take?
In the early days of Bitcoin, it took just 119 days for the price of BTC to climb from $1 to $10. It only took 262 days to jump from $100 to $1,000 in 2013—2014.
Since then, however, the rate of growth has slowed. To climb from $10,000 to $100,000 it took Bitcoin seven years and nine months.
Saylor is among a group of Bitcoin investors who believe BTC could hit $1 million before the end of the decade. Others in this camp include Ark Invest founder Cathie Wood. But that timeframe would require Bitcoin to match its performance since 2020.
Is Bitcoin Still a Good Investment vs. Stocks?
For now, Bitcoin continues to outpace the overall stock market. The shortest tenfold increase (adjusted for inflation) within which the S&P500 increased was 17 years between 1982 and 1999.
But individual stocks have performed much better.
During the past decade, the price of Nvidia stock has skyrocketed more than 10,000%. From its IPO in 1986, Microsoft had climbed more than 100x by the mid-nineties.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
