Michael Saylor envisions a future where MicroStrategy could achieve a market capitalization of $10 trillion, contingent on Bitcoin reaching a staggering $13 million per coin. During a podcast discussion with Patrick Bet-David on November 19, 2024, Bet-David ran calculations to challenge the long-term potential of the company, arriving at an eye-opening projection.
“MicroStrategy is worth $73 billion today,” Bet-David noted. “If you’re saying Bitcoin adoption moves from 0.1% to 7%, that’s a 700x increase. If Bitcoin is at $90,000 today and climbs to $13 million, you’re estimating a 144x growth for MicroStrategy in 21 years. That would place its market cap at $10.5 trillion. Is that correct?”
Saylor, co-founder and executive chairman of MicroStrategy—now rebranded as Strategy—confirmed the logic behind the calculation. “With that math, yeah, Bitcoin goes from $90,000 to $13 million. So multiply 13 [million] divided by 90,000, and it gets you to a big number,” he responded.
As of now, Strategy’s market cap has risen to $85.23 billion, while Bitcoin trades at $97,500. If Bitcoin does achieve the projected $13 million valuation, MicroStrategy’s market cap could follow suit, potentially reaching $11.36 trillion, assuming the current ratio holds.
MicroStrategy’s dedication to Bitcoin remains unwavering. The company continues to increase its Bitcoin holdings, securing its position as the largest corporate holder of the asset. As of February 2, 2025, it owns 471,107 BTC, valued at approximately $46 billion. In the last quarter of 2024 alone, it acquired 218,887 BTC for $20.5 billion—its largest single-quarter purchase ever. Despite this aggressive accumulation, the company reported a net loss of $670.8 million for the quarter, primarily due to Bitcoin impairment charges. However, upcoming accounting changes in Q1 2025 will allow the company to report Bitcoin holdings at fair value, eliminating these charges from future financial statements.
Institutional investors are taking note. Susquehanna International Group has been steadily increasing its stake in MicroStrategy, recently disclosing ownership of 11.6 million shares, up from 8.4 million in the previous quarter. This represents a 5.1% stake, underscoring confidence in the company’s Bitcoin-centric strategy. Meanwhile, Susquehanna has reduced its investment in Super Micro Computer, signaling a broader shift toward Bitcoin-related assets.
As MicroStrategy continues to bet on Bitcoin, the company’s trajectory remains tied to the cryptocurrency’s performance. If Saylor’s bold predictions materialize, MicroStrategy could redefine corporate valuation in the digital age.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist