MicroStrategy founder Michael Saylor discussed during an interview with CNBC factors that he believes will cause the price of Bitcoin to increase tenfold in the medium term.
Saylor first mentioned the upcoming halving, stating that it will lead to an increase in demand for the cryptocurrency.
According to Saylor, Bitcoin miners are currently selling about $1 billion worth of mined digital gold every month to cover their operational costs.
However, after the halving, which is expected to occur in April 2024, this amount will be cut in half to $6 billion annually.
Additionally, Saylor believes that spot ETFs based on Bitcoin will also contribute to buying pressure in the market.
He also mentioned that new regulations in the United States will soon require companies to account for the fair value of their Bitcoin reserves.
Saylor believes that this will open the door for corporations to consider adopting Bitcoin as a treasury asset and potentially create value for their shareholders.