1 billion people will save funds in Bitcoin by 2026: MicroStrategy CEO

The leading cryptocurrency will experience massive adoption over the next five years as more than a billion people will opt to store their wealth in Bitcoin (BTC)

MicroStrategy’s CEO believes that the cryptocurrency market will experience massive adoption over the next five years, predicting that one billion people will store their wealth in Bitcoin. The leading cryptocurrency nearly touched the $60,000 mark last week but is currently on a bearish trend that saw the price drop below $45,000 yesterday.

Michael Saylor is a Bitcoin advocate and drove home his point during an interview with CNBC yesterday. According to Saylor, one billion people will opt to store their wealth in BTC in the next five years, and they would do so using mobile devices. He called Bitcoin “the dominant digital monetary network”, as the cryptocurrency still maintains a market dominance of over 61%.

Saylor said, “We are going to see a day when 7-8 billion people have a bar of digital Gold on their phone, and they are using it to store their life savings”. His interview came a day after US Treasury Secretary Janet Yellen described Bitcoin as inefficient.

According to Saylor, Yellen’s comments had little substance as Bitcoin’s use cases continue to enter into more aspects of people’s lives. Saylor said people don’t talk about the fact that Bitcoin is an egalitarian progressive technology.

He pointed out that it took Bitcoin twelve years to hit a trillion dollars in market cap, achieving this feat two to four times faster than tech giants Apple, Google and Amazon. Saylor believes the world needs Bitcoin.

MicroStrategy is one of the leading corporate entities to invest in Bitcoin. The company already holds over 70,000 BTC and intends to add more. It recently raised $1.05 billion and intends to use the funds to buy more bitcoins.

Saylor believes Bitcoin will overtake Gold and reach the $100 trillion market cap. He said, “Bitcoin is going to flip Gold, and it’s going to subsume the entire Gold market cap. Then it’s going to subsume negative-yielding sovereign debt and other monetary indexes until it grows to $100 trillion”.

The MicroStrategy CEO predicts that Bitcoin will become less volatile once its market cap reaches $10 trillion. “As it marches toward $100 trillion, you’re going to see the growth rates fall, the volatility fall, and it’s going to be a stabilising influence in the entire financial system of the 21st century”, Saylor added.

Bitcoin has been gaining retail and institutional adoption in recent months, and the trend seems likely to continue as more people become interested in the cryptocurrency market.