Bitcoin Won't Face a Bear Market, Saylor Says: A Path to $1 Million

In a Bloomberg Crypto interview, Executive Chairman of Strategy Michael Saylor stated that Bitcoin's bear market is a thing of the past. He is optimistic about the long-term trend, believing it will be a period of sustained growth.

"Crypto winter won't return; we've moved past that phase. If Bitcoin isn't going to zero, then the only direction is toward a million dollars. And all the evidence is there. The President of the United States has declared his support for Bitcoin, and the government cabinet also backs it," said Saylor.

Saylor's optimism that Bitcoin will reach $1 million stems from the fact that key US financial figures, such as Treasury Secretary Scott Besson and SEC Chairman Paul Atkins, are strong supporters of digital assets. Furthermore, major banks have also entered the crypto world, particularly Bitcoin.

"Bitcoin has gotten through its riskiest times. The accounting issues have also been fixed. Currently, only about 450 Bitcoin are sold per day by miners, and that's the only natural seller," he continued.

According to Saylor, at the current price, the value of daily Bitcoin sales is approximately $50 million. Therefore, if the entire $50 million were to be bought by investors, the price of Bitcoin would surely rise because it would need to find other sellers willing to sell at a higher price.

"So, if one day the price of Bitcoin jumps to $500,000 or even $1 million per coin, then it would be reasonable to discuss the possibility of a major downturn, like a drop of $200,000. But at the current price, it only takes $50 million to move the crypto economy's gears," said Saylor.