Bitcoin

Million

Threshold

Recently, Michael Saylor, the founder of MicroStrategy and a prominent Bitcoin (BTC) proponent, took to social media to <a href="https://twitter.com/saylor/status/1732486568949031389?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">gauge</a> the Bitcoin community’s sentiment on the future price of the digital asset. 
Saylor, who has <a href="https://www.microstrategy.com/en/investor-relations/press/microstrategy-announces-separation-of-chairman-and-ceo-roles-and-second-quarter-2022-financial-results" target="_blank" rel="noopener nofollow">transitioned</a> from CEO to head of Bitcoin strategy at MicroStrategy, posed a significant question to the Bitcoin community on X.&nbsp;Saylor’s inquiry was straightforward yet profound: “How high will BTC need to rise before you would consider selling a small portion of your Bitcoin?” 
This question, aimed at understanding the <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-unbreakable-floor-analyst-predicts-btc-wont-fall-below-35000-ever-again/" target="_blank" rel="noopener ">threshold</a> that might trigger selling decisions, garnered extensive attention, with roughly 122,839 individuals participating in the poll. The answers, revealing the mindset of the Bitcoin community, ranged from moderate to extremely <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-bullish-leap-bollinger-weighs-in-on-btc/" target="_blank" rel="noopener ">bullish sentiments</a>. 
<h2 id="surprising-results-majority-eye-1-million-bitcoin-threshold">Surprising Results: Majority Eye $1 Million Bitcoin Threshold</h2> 
The survey results painted a fascinating picture of the BTC community’s outlook. While a minority of respondents, 18.8% and 14.1%, selected $250,000 and $500,000 price points, a significant portion of the community leaned towards much higher figures. 
Notably, 36.3% of voters indicated a price range from $1 million to <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-alert-137-million-moved-by-long-sleeping-whale-market-braces-for-impact/" target="_blank" rel="noopener ">never selling</a> their Bitcoin holdings, highlighting a strong belief in BTCs long-term value. Additionally, 30.8% of participants marked $100,000 as their potential selling point. 
Saylor’s survey revealed the community’s predominant inclination to hold BTC until it reaches or surpasses the $1 million mark. Some were willing to hold indefinitely, reflecting a deep-rooted confidence in Bitcoin’s future. 
<blockquote class="twitter-tweet"> 
 How high will <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$BTC</a> need to rise before you would consider selling a small portion of your <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Bitcoin</a>? 
 — Michael Saylor<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@saylor) <a href="https://twitter.com/saylor/status/1732486568949031389?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">December 6, 2023</a>
</blockquote> 
<h2 id="institutional-capital-and-halving-events-catalysts-for-a-1-million-btc">Institutional Capital And Halving Events: Catalysts For A $1 Million BTC</h2> 
As the crypto space closely watches these survey results, the $1 million price point for Bitcoin is increasingly viewed as a realistic possibility by many enthusiasts and experts alike. Samson Mow, the CEO of Jan3 and a vocal BTC advocate, recently <a href="https://x.com/Excellion/status/1732222966862151806?s=20" target="_blank" rel="noopener nofollow">supported</a> this view. 
Mow agreed with the general sentiment of Saylor’s survey, stating that while “Balaji wasn’t wrong about BTC going to $1M,” he was perhaps wrong about the timing and the driving factors. 
Mow attributed the <a href="https://bitcoinist.com/bitcoin-road-to-1m-still-track-expert-says-balajis/" target="_blank" rel="noopener nofollow">potential surge to a confluence</a> of significant institutional investment and the impact of Bitcoin halving events. The halving, a scheduled reduction in BTC mining rewards, inherently limits the new supply of Bitcoin, thereby introducing a scarcity factor. 
Coupled with a projected influx of institutional capital into the crypto market, these factors could collectively catalyze Bitcoin’s price to unprecedented heights. Mow’s analysis aligns with the optimism reflected in Saylor’s survey, underlining a solid belief in Bitcoin’s capacity for <a href="https://www.newsbtc.com/bitcoin-news/tether-strikes-gold-in-bitcoin-profits-soar-amid-bull-market/" target="_blank" rel="noopener ">substantial </a>value growth. 
<blockquote class="twitter-tweet"> 
 Balaji wasn’t wrong about <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Bitcoin</a> going to $1M, but he was wrong on the timing and the catalyst. 
 My $1M call is based on a massive rapid influx of institutional capital while Bitcoin available for sale is at historical lows, compounded by the halving. 
 His $1M prediction was… 
 — Samson Mow (@Excellion) <a href="https://twitter.com/Excellion/status/1732222966862151806?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">December 6, 2023</a>
</blockquote> 
It is worth noting that this optimism within the Bitcoin community, coupled with expert insights, suggests a future where Bitcoin’s valuation might reach, or even <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-bullish-surge-ahead-deribit-predicts-leap/" target="_blank" rel="noopener ">exceed</a>, the coveted $1 million mark. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/lcDHXMbU/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1496"> 
Featured image from Unsplash, Chart from TradingView

Holding For Gold: Micheal Saylor’s Poll Unveils Bitcoin Enthusiasts Aiming For $1 Million Mark

Table of Contents

NewsBTC

Autres articles publiés le 7 déc. 2023

Do Kwon appeals extradition order amidst allegations of financial crimes

Worldcoin Foundation Launches $5 Million Community Grants Program’ Wave0′

Exved launches cross-border cryptocurrency payment platform

WeFi newsletter — December Edition

Terra: The Story of Do Kwon and the $40 Billion Collapse

What Ethereum’s future holds as whales make a splash

Join our free newsletter for daily crypto updates!