Michael Saylor, the founder and executive chairman of MicroStrategy, thinks that Bitcoin (BTC) could increase in value by 900% if two important things happen in the world of cryptocurrencies.
Saylor explains in a recent CNBC interview that if big institutional investors become more involved with Bitcoin, it will make the crypto world more mature and get rid of dishonest people and risky digital projects.
He says, “Right now, there are some issues with early cryptocurrency projects, sketchy crypto tokens, unregistered investments, and unreliable cryptocurrency keepers. To make the crypto industry better, we need responsible adults to watch over it. We’ll need big banks to safeguard cryptocurrencies, and Wall Street to play a part.”
Saylor, who is very positive about Bitcoin, believes that if traditional financial institutions join Bitcoin, its value will go up a lot because Bitcoin has many advantages over the numerous other cryptocurrencies, which he thinks will lose their popularity eventually.
“We have to move away from the 100,000 different cryptocurrencies, the ones people are using for quick profits. We should focus on Bitcoin. Bitcoin is different because it doesn’t have a company behind it. It’s a universally recognized digital asset. So, when big banks and trustworthy keepers on Wall Street manage Bitcoin, and the industry stops paying so much attention to all the other shiny tokens that have caused problems, the industry will grow a lot, and Bitcoin’s value could increase by 10 times.”
As of now, Bitcoin is being traded for $34,783.