Bitcoin to Witness a Decade-Long Gold Rush: Michael Saylor

The approval of spot Bitcoin exchange-traded funds (ETFs) has ignited a decade-long “gold rush” for BTC, driven by institutional interest and bolstered by the rise of autonomous artificial intelligence (AI), as outlined by Michael Saylor, chairman of MicroStrategy, during a panel discussion at the Bitcoin Atlantis conference.

Saylor contends that the launch of spot BTC ETFs has ushered in a period of “high growth institutional adoption” that commenced in January 2024 and is anticipated to persist until November 2034. He predicts that 99% of all Bitcoin will be mined by 2035, marking the beginning of a substantial “growth phase.”

As reported earlier, the spot BTC ETFs surpassed their previous record and noted a daily net inflow of $673.4 million.

Bitcoin to Witness a ‘Gold Rush’

While approximately 93.5% of the total 21 million Bitcoins have already been mined, Saylor sees room for extensive growth in institutional adoption facilitated by spot BTC ETFs.

Currently viewed as a “distribution channel” for 10-20% of interested parties, Saylor envisions this figure reaching 100% as banks and institutional wirehouses increasingly support BTC trades.

Banks to Facilitate BTC Services

Saylor emphasizes that banks will succumb to the pressure of custodial services for Bitcoin due to demand from their largest clients, leading to widespread adoption. He foresees a day when Bitcoin surpasses gold in trading volume, overshadowing even S&P index ETFs.

Beyond financial applications, Saylor believes that BTC will play a crucial role in securing the internet amidst the AI revolution. The cryptocurrency will be essential for watermarking, timestamping, and cryptographically signing messages, documents, and content as a reliable system of truth.

Furthermore, Saylor predicts a demand for BTC in the energy sector, particularly as AI development progresses. The digital asset’s role in providing digital energy aligns with the increasing need for powering AI systems, including the potential creation of AI versions of individuals.

Environmental Concerns 

Addressing environmental concerns surrounding Bitcoin’s energy consumption, Saylor argues that the focus is shifting to AI’s energy demands as BTC becomes more energy-efficient.

During the same panel discussion, investment strategist Lyn Alden emphasized the potential for increased BTC adoption as nation-states embrace the cryptocurrency. She cited examples such as El Salvador’s Bitcoin Beach and emerging hubs in Africa, Asia, Latin America, and the United States, emphasizing that embracing BTC fosters financial growth and attracts capital.

Bitcoin Adoption in Nigeria

Investment manager Lawrence Lepard highlighted the counterintuitive effect of capital controls imposed by oppressive regimes, citing Nigeria’s case as an example. 

Despite initial restrictions, the country now boasts the highest peer-to-peer market volumes globally, showcasing the resilient demand for Bitcoin in the face of regulatory challenges.