Bitcoin ETFs have sparked a frenzy among institutional investors, leading to a “gold rush” for Bitcoin, according to Michael Saylor, chairman of MicroStrategy. Speaking at the Bitcoin Atlantis conference, Saylor argued that the launch of spot Bitcoin ETFs has paved the way for increased institutional adoption of the cryptocurrency. He predicted that by 2035, 99% of all Bitcoin will have been mined, marking the beginning of a “growth phase.” Currently, around 93.5% of the total 21 million Bitcoins that will ever exist have been mined. Saylor believes that spot Bitcoin ETFs are currently only reaching a small percentage of interested individuals, but this percentage will rise to 100% once banks and institutional wirehouses facilitate Bitcoin trades. He anticipates that banks will be pressured by their largest clients to offer Bitcoin custody services, leading to widespread adoption. Saylor also highlighted the role of autonomous artificial intelligence (AI) in driving demand for Bitcoin. He believes that AI will increase the need for Bitcoin as a means of securing the internet against malicious actors. Additionally, the development of autonomous AI will require digital energy, which Bitcoin can provide. Saylor also addressed concerns about Bitcoin’s environmental impact, stating that the cryptocurrency has become more energy-efficient. He suggested that politicians and environmental lobbyists may shift their focus to AI’s energy demands instead. Lyn Alden, an investment strategist and Bitcoin commentator, added that the adoption of Bitcoin by nation-states could further drive demand for the cryptocurrency. Embracing Bitcoin has been shown to create more financial hubs, attracting capital to these countries in the long term. Alden cautioned against short-sighted approaches to Bitcoin, as restricting or banning it can hinder investment opportunities. Lawrence Lepard, an investment manager and Bitcoin advocate, noted that capital controls imposed by oppressive regimes often lead to increased adoption of Bitcoin. Nigeria serves as an example, with the country experiencing high peer-to-peer market volumes despite previously banning Bitcoin and cryptocurrencies. Overall, the panelists at the conference expressed optimism about the future prospects of Bitcoin and its role in the financial landscape.
Michael Saylor predicts an imminent decade-long 'gold rush' for Bitcoin fueled by AI and ETFs.