Over 3% of all Bitcoin is stored in the treasury of Strategy, the world’s largest BTC treasury firm. With the latest purchase, Michael Saylor has increased his holdings to 638,460 BTC, currently worth approximately $72 billion. This brings him ever closer to reaching the ambitious goal of one whole Nakamoto (one million BTC). But despite the aggressive buying strategy, criticism is mounting among MSTR shareholders. The reason is the lifting of a protective measure that prevented Strategy from selling new shares below 2.5 times the net asset value (NAV).

While Michael Saylor justified the change in company policy by saying that the company wanted to “achieve greater flexibility in implementing its capital markets strategy,” many shareholders fear that their shares could be diluted in the long term. If the Bitcoin strategy firm issues new shares on a large scale, this will also reduce the number of BTC per share that shareholders indirectly hold.

At least in the short term, market participants are expressing their dissatisfaction with the more liberal share issuance policy – ​​MSTR shares are currently trading at $326, a 17% drop compared to the previous month. Despite the controversy surrounding the decision, Strategy management isn’t wasting any time and is selling an additional 875,301 MSTR shares as part of its at-the-market (ATM) offering, according to a document filed with the SEC. With the $309 million raised, the former software company could acquire approximately 2,700 BTC at a current BTC price of $113,000.

Michael Saylor: 30% annual Bitcoin return for the next 20 years

But regardless of the Strategy stock debate, Michael Saylor has a bullish forecast for traditional BTC investors. Not least because the Bitcoin Treasury movement is growing ever larger, with 116 companies worldwide now accumulating BTC, the ambitious US entrepreneur announces: “My 20-year forecast for Bitcoin is a 30 percent return per year.” Since the leading cryptocurrency has achieved an average return of over 50 percent per year over the past five years, this hypothesis doesn’t seem entirely unreasonable.

The resulting BTC price for 2045 is all the more impressive. If Bitcoin actually rises by 30 percent per year mentioned by Saylor, from its current level, a single coin would cost a whopping $21.47 million in two decades.

This aligns with the Bitcoin price forecast Saylor announced at BTCPrague in June. His reasoning at the time: “Bitcoin is being adopted by governments, banks, companies, and investors faster and more aggressively than many expected a year ago.” But it’s never too late to get started, just as it’s never too late to harness fire, electricity, and the internet: “Bitcoin is technology. It’s only the ignorant speculators who think it’s too late.”

But even crypto investors who are convinced by the super-bullish forecast should be aware of one thing: In reality, the Bitcoin price isn’t linear – rather, there are repeated sharp setbacks and volatile phases that can also result in significant annual losses. For example, a BTC average return of 30 percent over three years could mean a 40 percent gain in year 1, a 20 percent loss in year 2, and a 96% gain in year 3. Long-term Bitcoin hodling is therefore not for investors with faint nerves. Saylor’s advice: “Don’t pay attention to what’s happening right now; keep your eyes on the horizon.”