2402: Michael Saylor: Bitcoin to $10 Million Is Still the Base Case

**Justin Verrengia** (0:00)
I think people are focused on the wrong thing about Bitcoin. And until that changes, you're going to keep missing the biggest opportunity sitting right in front of you. Let me share what I'm talking about. Michael Saylor recently asked a question that almost nobody is thinking about. If Bitcoin went to $10 million tomorrow, how would you feel? Most people immediately imagine the house, the freedom, the wealth, becoming rich, but that's the wrong answer. Saylor's question isn't really about money, it's about ownership. Because by the time Bitcoin reaches $10 million per coin, the hardest part won't be becoming wealthy, it'll be having any Bitcoin left. And here's what most people still don't understand. Bitcoin doesn't need all 8 billion people on earth buying it. It doesn't even need every millionaire. Bitcoin's price is determined by the people willing to sell. And every year, fewer people are willing to part with their coins. There will only ever be $21 million. We all know that. Millions already lost forever, millions haven't moved in years. Long-term investors continue to buy, public companies keep buying, Bitcoin ETFs keep buying too. And every new buyer is competing for the same finite asset. That's why the conversation has changed. Five years ago, people asked whether Bitcoin would survive. Today, the question is who ends up owning what's left? Saylor believes banks will eventually recommend Bitcoin to every single client. Think about what that means. Not Bitcoin exchanges, not Bitcoin influencers, banks. And that shift has already begun. Some of the world's largest financial institutions are now offering Bitcoin products and recommending Bitcoin exposure to their clients. And for the first time, America is moving towards clearer rules for digital assets. The Clarity Act won't create more Bitcoin, but if it eventually becomes law, it'll make it easier for the larger pools of capital to participate. The supply always stays the same. The path for institutional capital, though, becomes easier. Now we add the corporations, the pension funds, the sovereign wealth funds and governments. They simply need to compete for a small amount of coins that are actually for sale. That's where most price predictions get Bitcoin wrong. People assume demand has to become infinite. It really doesn't. Supply is already finite. Demand only has to keep growing. While fewer and fewer Bitcoin remain available to buy, that's exactly what's happening. Every cycle, more Bitcoin moves into the long-term hands, and every cycle, less Bitcoin returns to the market. Every cycle, buyers are forced to compete over a smaller pool of coins. That's how scarce assets repriced. Not all at once, then suddenly all at once. Adam Back recently said he has a standing bet that Bitcoin reaches 1 million before the 2028 halving. He also said 500,000 to a million-dollar Bitcoin is closer than people think. Think about what that implies. If 1 million dollars arrives sooner than most people expect, then suddenly 10 million doesn't sound nearly as impossible. That's why Saylor talks about 10 million with such conviction. Not because it's a catchy headline, because he believes the mathematics of supply eventually overwhelm the psychology of sellers. People spend their time asking, when should I buy? The better question is, will there be enough Bitcoin available when everyone finally decides they want in? Because history has a funny way of rewarding early conviction and punishing late consensus. The people calling Bitcoin a bubble today may become the same people chasing it at prices they once laughed at. Oh, the irony. And if that happens, $10 million won't feel like the crazy prediction. It'll feel like the obvious outcome that almost everyone ignored. The biggest mistake isn't doubting Bitcoin. It's misunderstanding how scarcity reprices the entire market. Now it's one thing to have a theory. It's another thing to watch it play out in real time. Here's Saylor issuing a warning to the Bitcoin community.

**Michael Saylor** (3:48)
Volatility was a gift to the faithful. If people in the rest of the world knew what I know and they understood and they agreed with me, Bitcoin would go to $10 million tomorrow. And if Bitcoin went to $10 million tomorrow, I want you to think about how you would feel and how your viewers would feel because you would lose 20 years of stacking opportunity during which you get to buy it less than $10 million. So the difference between $10 million and 100,000, that's what you give up if the volatility goes away and people start to agree with you.

**Justin Verrengia** (4:23)
Volatility is a gift to the faithful. I love savage Michael Saylor. Think about that. How would you feel if Bitcoin hit $10 million per coin tomorrow? But it is a fantastic question. I want you to really visualize and imagine how would your life change and how would you feel? Would you be positioned properly or would you regret not having and stacking enough sats? Because right now we have a fantastic opportunity. It's a BOGO, buy one, get one, 50% discount from the top, start it from the bottom. Now we hear. Did I make that clear?