When bitcoin hit $1M level, I guess that Michael Saylor will enter into top 10 richest people on the earth. It may happen within next 4 years or who knows, may happen within 2026 as well.
The final note, we need to take away from this success story must be, foreseeing the potential of bitcoin by understanding the fundamentals of bitcoin. I am not sure why some early adaptors are selling right now but definitely that is not meaning to 'bitcoin has reached its final price level'. I mean when we are confident about reaching one million dollar level, why governments and financial institutions are still waiting to buy more bitcoins.
That will only happen if the BTC held by Strategy, Inc. (formerly MicroStrategy) belongs to Saylor himself. But if it belongs to investors, I don't think we should position Saylor among the top 10 richest people on Earth.
You may be correct that some folks falsely attribute some of Saylor's wealth to the wealth of MSTR, yet most people likely realize that Saylor's personal wealth is not the same as MSTR's wealth. In other words, attributing Saylor's wealth to MSTR would surely be a rookie mistake.
At least we know, Bitcoin will continue to rise in price for the foreseeable future. Assuming inflation remains persistent (Fiat), and Bitcoin's supply remains capped at 21m. Each halving (every 4 years) should make BTC scarcer than before.
The rate at which bitcoin is issued is an already known formula, which of course is continuing to diminish, and may already be at a rate that is lower than the rate that new gold is coming onto the market. So yeah bitcoin's already existing supply is fixed, even though it is also correct that we don't know who is going to win each of the future blocks.
Now imagine if institutional and retail investors buy more BTC than what's being mined. It will cause a supply shock, effectively "pumping" market prices all the way to the "Moon" (or "Mars" for that matter).
It seems that we already have institutions and various other buys buying more than what is being mined - yet at the same time, it seems that as the price goes up, then some of bitcoin's supply will come available through the selling of earlier HODLers.
For sure, there continue to be questions in regards to the extent to which the supply might be manipulated in terms of the sometimes issuing of bitcoin credits from folks who do not have enough coins to cover the coins that they are selling.
Of course, many of us recognize the solution to fractional reserves is to take coins into our custody, yet at the same time, there are many of us who are either afraid to custody our own coins, and/or we are attracted to some of the perks that are offered by various custodians - so we end up leaving some or all of our coins with custodians, which end up giving them power to abuse the actual bitcoin supply.
There are also folks who give cash to others (I think the ETFs are good examples of this, and surely even all of the variety of MSTR products), and the folks contract away their right to claim custody over the actual coins, so they cannot even request (or demand) to receive the coins that their money backs up.
Through bitcoin's history, a good number of folks have been ongoingly learning that it is problematic to be leaving their coins with 3rd party custodians, and the amounts of losses and shenanigans in 2022 with Terra/Luna, Celsius, three Arrows capital, Blockfi, Voyager, Gemini, Greyscale/GBTC (Genisis), FTX/Alameda, and some other that I am likely forgetting should have had taught a lot of lessons about why self custody is preferred, yet it seems that people do not learn and many of us get lured back into these various kinds of custodial arrangements and/or desires to "earn yield." Many of these crazy disasters were overlapping, since several of them were loaning their client's money to others who were paying higher yields and then taking the difference, so the retail client might make 6-8%, and then some intermediary might earn 12-15% and then maybe the final pay was something like 20%.. So the same money might go through three layers, yet the very top payers were frequently offering the higher rates based on new money coming in to pay the old money, like a ponzi scheme, but it was not really revealed as a ponzi scheme until it collapsed.
You'll never lose holding Bitcoin long-term. I wouldn't call Bitcoin "superior to cash", though. Not as long as volatility and scaling issues persist.
Part of the reason that bitcoin is ongoingly taking value from fiat systems is because it is at least 10x greater than the various fiat system, inspite of the various problems that you mention related to bitcoin. Yeah, it could take 50-200 years to really play out, yet we are still advantaged by getting in early rather than when we already clearly see that bitcoin is dominant... and of course, bitcoin's take over is not inevitable, since some things could go wrong to impede and/or to reverse bitcoin's current trajectory of ongoingly facilitating the transfer of wealth from no coiners to coiners.
For that, we have stablecoins and zillions of "shitcoins".
Don't get distracted into that crap, even though surely, there can be ways that a person might transition from fiat to bitcoin through various shitcoins, and/or maybe even able to take advantage of various attempts to promote that crap, yet we still have to be careful not to be holding too much of our value in those inferior products that are likely to rug pull us in various ways.
It's good that Michael Saylor is supporting Bitcoin. For being a no-coiner, this is fantastic. Even Larry Fink and Donald Trump joined the game (also no-coiners). At this pace, it's possible others will change their minds about BTC. Only time will tell.
Sure folks have to start out as a no coiner (or perhaps a precoiner?), and surely some folks are more convicted in regards to bitcoin, so even the recent converts have their various levels of conviction, and no one can really stop them from getting involved in bitcoin and seeming to be incentivized to pump our bags in recent times.
Some folks will end up going to their graves as no coiners, yet it is becoming more and more difficult to resist jumping on the bitcoin train in one capacity or another.
