Michael Saylor, co-founder and CEO of the US business intelligence firm microstrategyhas shared what he thinks will happen to bitcoin (BTC) in the next eight years while outlining how it will come into play.
In a recent interview With Cory Klippsten, founder and CEO of Swan Bitcoin, Saylor noted that he envisions Bitcoin becoming a global store of value by 2031.
According to him, institutional adoption is one of the first drivers of the global store of value status of digital assets in the coming years. The bitcoin proponent believes that institutional adoption is possible through “statements” by the United States Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and decisions by the traditional financial institutions.
Saylor mentioned some traditional financial institutions, such as black rock Y Fidelitywho are beginning to embrace bitcoin of late because of its potential despite previously distancing themselves from the asset.
The Lightning Network Explosion
He microstrategy co-founder also cited the explosive growth of the lightning network as another factor that will make the digital asset a global store of value.
He lightning network It is a layer 2 solution based on the bitcoin protocol to make transactions faster and cheaper. Curiously, microstrategy plans to develop applications driven by the lightning network which could reach millions of users.
According to Saylor, the development of “killer apps” like Lightning Wallets that move digital dollars and BTC and exchange in and out of the local currency will create massive demand for the asset.
“I’m just describing this as back in 1991, you had TCP IP and we had the Internet, but not a lot of people were using it. In 1994, you had the Netscape browser, and now that was the killer application for the Internet, and pretty soon you had 100 million people downloading that browser and it caught fire,” he said.
The billionaire also noted that macroeconomic headwinds such as interest rate hikes from the US Federal Reserve are major factors that will help Bitcoin achieve a global store of value status.
To control inflation, the Federal Reserve raised the fed funds rate seven times in 2022, with more expected this year. Saylor stated that inflation would rise once the Federal Reserve eases its interest rate hikes, which will be a marketing driver for the leading cryptocurrency.
According to the CEO of MicroStrategy, the combination of these factors “will play against the new reality: bitcoin is the only digital commodity, it is the only crypto asset, and there is no second best crypto asset.”
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