Michael Saylor, the Executive Chairman of Strategy (formerly MicroStrategy), has significantly raised his long-term Bitcoin price target. During a keynote at the BTC Prague 2025 conference, he forecasted that Bitcoin could reach $21 million per coin by the year 2046.
The Basis for the Bold Prediction
Saylor cited several key factors driving his updated projection. These include major geopolitical shifts, recent regulatory developments, and the accelerating pace of global cryptocurrency adoption.
He described the current period as a uniquely special time in Bitcoin's history. Saylor emphasized surprising changes over the past year, particularly noting stronger support for Bitcoin from the U.S. government following recent political developments.
He also highlighted growing momentum behind U.S. crypto legislation, specifically referencing three major bills:
- The GENIUS Act
- The Digital Asset Market Clarity Act
- The Bitcoin Act
According to Saylor, this regulatory progress represents something "nobody guessed, no one conceived of a year ago."
Evolution of Saylor's Bitcoin Price Forecasts
The new $21 million estimate marks a substantial increase from his previous prediction of $13 million by 2045, which he made at the Bitcoin 2024 conference in Nashville.
Earlier this month, Saylor expressed his belief that Bitcoin will reach $1 million by 2033, driven primarily by institutional adoption and the supply reduction caused by halving events.
In May 2025, he predicted that the current "digital gold rush" for Bitcoin would effectively end by January 7, 2035. He urged investors to accumulate Bitcoin before this deadline, citing rising demand against a limited supply as critical factors.
Despite Bitcoin's total supply being capped at 21 million coins until 2140, Saylor believes meaningful accumulation opportunities will disappear much sooner due to increasing interest from institutions, governments, and retail investors.
Looking even further ahead, he anticipates Bitcoin could eventually reach a $500 trillion market capitalization, which would translate to approximately $23.8 million per token.
Institutional Adoption and Future Accessibility
Speaking at the 2025 Bitcoin Conference in Las Vegas, Saylor emphasized that growing institutional adoption significantly strengthens Bitcoin's value proposition and network security.
He predicted Bitcoin would reach $1 million per coin once Wall Street institutions collectively own 10% of the total Bitcoin supply, which would push Bitcoin's market capitalization to $20 trillion.
Saylor also believes it will become "exponentially harder to buy Bitcoin" as demand from corporations and governments continues to surge. He has characterized Bitcoin as "the most explosive idea of the era" and encourages early adoption before accessibility decreases.
For those looking to understand current market dynamics, you can track real-time Bitcoin metrics and adoption rates.
Strategy's Substantial Bitcoin Holdings
According to available treasury data, Strategy currently holds 592,100 BTC, representing approximately 2.82% of Bitcoin's total supply. The company has acquired these holdings at an average price of $66,384.56 per Bitcoin, with a total investment of $33.14 billion.
The company's recent purchasing activity demonstrates their aggressive accumulation strategy:
- May 26, 2025: 4,020 BTC for $427.1 million
- May 19, 2025: 7,390 BTC for $764.9 million
- May 12, 2025: 13,390 BTC for $1.34 billion
While the company hasn't disclosed specific storage details, Saylor has previously expressed concerns about releasing proof-of-reserves due to security considerations. Strategy leads all public companies in Bitcoin holdings, with nearly 600,000 BTC worth over $60 billion at current valuations.
Potential Risks and Counter Perspectives
Despite Strategy's dominant position, some analysts have raised concerns about potential vulnerabilities. One recent analysis warned that Strategy could face financial challenges similar to those experienced by the Grayscale Bitcoin Trust.
The analyst highlighted that Strategy's reliance on its market net asset value makes it potentially vulnerable, especially as Bitcoin becomes more accessible through other investment vehicles and its stock token ($MSTR) potentially loses appeal as a Bitcoin proxy.
Additionally, the analyst flagged Strategy's $8.2 billion in convertible debt as a significant risk factor. If the company's stock doesn't appreciate sufficiently to trigger bond conversion, Strategy might be forced to repay in cash, potentially requiring the sale of Bitcoin holdings.
Frequently Asked Questions
What is Michael Saylor's new Bitcoin price prediction?
Michael Saylor now predicts Bitcoin could reach $21 million per coin by 2046. This represents an increase from his previous forecast of $13 million by 2045 and is based on geopolitical shifts, regulatory developments, and accelerating adoption.
Why does Saylor believe Bitcoin will become harder to acquire?
Saylor anticipates that increasing demand from institutions, governments, and retail investors will make meaningful accumulation of Bitcoin significantly more difficult in the coming years. He suggests the current period offers unique acquisition opportunities that may not last.
What risks does Strategy face with its massive Bitcoin holdings?
Some analysts warn that Strategy's substantial convertible debt and reliance on its stock valuation create potential vulnerabilities. If the company's stock doesn't appreciate sufficiently, it might need to sell Bitcoin holdings to meet cash obligations.
How does institutional adoption affect Bitcoin's price?
Saylor believes institutional adoption strengthens Bitcoin's value and security. He predicts Bitcoin will reach $1 million once Wall Street institutions collectively own 10% of the total supply, creating a $20 trillion market capitalization.
What regulatory developments support Saylor's optimistic outlook?
Saylor cites three major U.S. crypto legislation bills: the GENIUS Act, the Digital Asset Market Clarity Act, and the Bitcoin Act. He describes the progress on these fronts as unexpectedly rapid and positive for cryptocurrency adoption.
How can investors stay informed about Bitcoin market developments?
Regular monitoring of regulatory news, institutional adoption trends, and market metrics is essential. You can access comprehensive market analysis tools and data to make informed decisions about cryptocurrency investments.