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Michael Saylor completely shifted his company’s strategy a little more than five years ago, betting big on a top digital asset.
A $21 million price target for this crypto implies a monster gain for a popular BlackRock ETF.
Despite experts' enthusiasm, investors should always do their own research and lean less on the thinking of others.
Michael Saylor is one of the most successful businessmen around. He started his company, Strategy, formerly known as MicroStrategy, in 1989, providing business intelligence software to enterprise clients. Today, his net worth is an astounding $5.2 billion, making him one of the wealthiest people in the world.
The billionaire tech entrepreneur has completely shifted his focus in recent years. And he's extremely bullish on a leading digital asset, thinking its price is set to go to the moon. If his forecast is correct, there's a popular exchange-traded fund (ETF) offered by BlackRock that could soar 24,000%.
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Here's what investors need to know.
Image source: Getty Images.
Michael Saylor completely upended his company's strategy in August 2020 when his business first purchased $250 million worth of Bitcoin. The decision was influenced by his view that holding all cash on the balance sheet was not the best course of action, as the government's unprecedented level of monetary and fiscal stimulus following the onset of the COVID-19 pandemic would lead to persistent currency debasement.
Fast-forward more than five years, and Saylor's firm has morphed into a Bitcoin treasury company, conducting numerous capital market transactions to raise money via equity and debt to buy more of the crypto. As of Dec. 15, Strategy held more than 671,000 Bitcoin units on its balance sheet, valued at $58 billion, making it the largest corporate holder on the face of the planet. Bitcoin's price on the morning of Dec. 15 was around $87,000 per unit.
It's obvious that Saylor is extremely optimistic about the digital asset's potential. Saylor's most recent prediction has the crypto's price skyrocketing to $21 million in 2046.
He previously laid out a forecast that showed he believes Bitcoin will attract more of the world's wealth over time. This means capital from other asset classes, like stocks, bonds, and real estate, for example, will find their way to Bitcoin. He was confident enough to make his latest price target thanks to a more favorable regulatory backdrop, particularly here in the U.S.
The $21 million price target implies a monster 24,000% rate of growth. That astronomical return would also apply to the iShares Bitcoin Trust (NASDAQ: IBIT), a wildly successful spot Bitcoin ETF that owns $70 billion worth of Bitcoin. This ETF's purpose is to track the price of Bitcoin.
But by buying iShares Bitcoin Trust, investors wouldn't own Bitcoin directly. Instead, this ETF provides an extremely convenient investment vehicle that allows different pools of capital, whether individuals or large asset allocators, with access to the world's top crypto in a regulatory-compliant way. And it's tradable like a regular stock.
Investors who care more about owning the asset outright will instead want to self-custody Bitcoin. This involves opening a cryptocurrency brokerage account and becoming familiar with wallets and cold storage transfers. There's certainly a learning curve to being a true Bitcoin hodler.
It's always exciting when a prominent business figure, especially in a niche space like Bitcoin, sets a lofty price target. Investors might quickly follow Saylor's words and pour a significant portion of their savings into the iShares Bitcoin Trust in hopes of hitting it big. After all, it has certainly worked out well for him thus far.
But investors should always take any kind of forecast with a grain of salt. It's almost impossible to make accurate price predictions, never mind coming up with an exact dollar figure more than two decades out.
What's more, do your own homework and keep your own risk tolerance in mind. The iShares Bitcoin Trust has long-term upside, but investors must independently come to that conclusion. This will help you stay the course in the face of volatility.
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Neil Patel has positions in iShares Bitcoin Trust. The Motley Fool has positions in and recommends Bitcoin and iShares Bitcoin Trust. The Motley Fool recommends BlackRock. The Motley Fool has a disclosure policy.
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