Bitcoin prices have plunged this year.
Yuri Cortez/AFP/Getty Images
could reclaim its November 2021 all-time high by 2026 and surge even higher if its valuation fundamentals change, according to high-profile cryptocurrency proponent Michael Saylor.
Saylor—the chairman of business intelligence software company
(ticker: MSTR)—said at MarketWatch’s Best New Ideas in Money Festival Wednesday that Bitcoin could return to its $68,990 peak “sometime in the next four years.” He added that Bitcoin could hit $500,000 in the next decade if the market capitalization of the largest crypto—often billed as “digital gold”—comes to match that of actual gold.
Bitcoin was trading around $19,200 on Wednesday, more than two-thirds below its all-time high from last year.
A dramatic rout has swept the digital asset market in 2022, with Bitcoin leading the charge lower as the market cap of the space has collapsed to below $1 trillion from almost $3 trillion less than a year ago. Declines have been driven by forces within crypto—like the meltdown of a key token—as well as a wider selloff in the stock market as investors have dropped risk-sensitive assets amid red-hot inflation and rising interest rates.
Now, Saylor said he’s eyeing Bitcoin’s simple moving average over four years—which is around $20,000—to look for a potential bottom for the crypto market. “I think this is stable,” he said. “The next logical stop for Bitcoin is to replace gold as a non-sovereign store of value asset.”
It’s familiar rhetoric from Saylor, whose leadership of