Recently, Michael Saylor, the founder of MicroStrategy and a prominent Bitcoin (BTC) proponent, took to social media to gauge the Bitcoin community’s sentiment on the future price of the digital asset.
Saylor, who has transitioned from CEO to head of Bitcoin strategy at MicroStrategy, posed a significant question to the Bitcoin community on X. Saylor’s inquiry was straightforward yet profound: “How high will BTC need to rise before you would consider selling a small portion of your Bitcoin?”
This question, aimed at understanding the threshold that might trigger selling decisions, garnered extensive attention, with roughly 122,839 individuals participating in the poll. The answers, revealing the mindset of the Bitcoin community, ranged from moderate to extremely bullish sentiments.
Surprising Results: Majority Eye $1 Million Bitcoin Threshold
The survey results painted a fascinating picture of the BTC community’s outlook. While a minority of respondents, 18.8% and 14.1%, selected $250,000 and $500,000 price points, a significant portion of the community leaned towards much higher figures.
Notably, 36.3% of voters indicated a price range from $1 million to never selling their Bitcoin holdings, highlighting a strong belief in BTCs long-term value. Additionally, 30.8% of participants marked $100,000 as their potential selling point.
Saylor’s survey revealed the community’s predominant inclination to hold BTC until it reaches or surpasses the $1 million mark. Some were willing to hold indefinitely, reflecting a deep-rooted confidence in Bitcoin’s future.
— Michael Saylor⚡️ (@saylor) December 6, 2023
Institutional Capital And Halving Events: Catalysts For A $1 Million BTC
As the crypto space closely watches these survey results, the $1 million price point for Bitcoin is increasingly viewed as a realistic possibility by many enthusiasts and experts alike. Samson Mow, the CEO of Jan3 and a vocal BTC advocate, recently supported this view.
Mow agreed with the general sentiment of Saylor’s survey, stating that while “Balaji wasn’t wrong about BTC going to $1M,” he was perhaps wrong about the timing and the driving factors.
Mow attributed the potential surge to a confluence of significant institutional investment and the impact of Bitcoin halving events. The halving, a scheduled reduction in BTC mining rewards, inherently limits the new supply of Bitcoin, thereby introducing a scarcity factor.
Coupled with a projected influx of institutional capital into the crypto market, these factors could collectively catalyze Bitcoin’s price to unprecedented heights. Mow’s analysis aligns with the optimism reflected in Saylor’s survey, underlining a solid belief in Bitcoin’s capacity for substantial value growth.
Balaji wasn’t wrong about #Bitcoin going to $1M, but he was wrong on the timing and the catalyst.
My $1M call is based on a massive rapid influx of institutional capital while Bitcoin available for sale is at historical lows, compounded by the halving.
His $1M prediction was…
— Samson Mow (@Excellion) December 6, 2023
It is worth noting that this optimism within the Bitcoin community, coupled with expert insights, suggests a future where Bitcoin’s valuation might reach, or even exceed, the coveted $1 million mark.
Featured image from Unsplash, Chart from TradingView