Michael Saylor Predicts Bitcoin to Surpass Gold by 2035 - Market Impact Analysis

This analysis is based on the Reddit report [1] published on November 13, 2025, which reported Michael Saylor’s prediction that Bitcoin will surpass gold as a larger asset class by 2035.

Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), made a bold prediction that Bitcoin will become a larger asset class than gold by 2035 [1]. This forecast is grounded in several key factors: Bitcoin’s current $2 trillion market cap versus gold’s estimated $29 trillion, the expectation that 99% of Bitcoin will be mined by 2035, and Saylor’s broader projection that Bitcoin could reach $1 million by that time [1, 2]. The prediction emphasizes urgency for acquisition before mining completion, suggesting a finite supply dynamic that could drive value appreciation.

Strategy (MSTR) presents a complex picture despite Saylor’s optimistic Bitcoin outlook. The stock currently trades at $221.76, representing a 1.27% decline on the day and positioning it near 52-week lows [0]. Over the past 30 days, the stock has fallen 36.45% from $350.87 to $222.99, and has declined approximately 47% over the past 6 months despite Bitcoin’s year-to-date gains of 26.1% [0, 1]. This decoupling suggests growing market concerns about Strategy’s premium valuation and funding strategy.

The company maintains significant Bitcoin exposure with holdings of 641,205 BTC, representing 3% of total supply and worth approximately $47.5 billion [1]. However, this concentration creates substantial risk, as Bitcoin holdings represent over 70% of the company’s value [1].

Strategy’s financial metrics reveal significant challenges. The company reports a P/E ratio of -89.95x, indicating current losses, along with a net profit margin of -141.24% and a current ratio of 0.66 suggesting potential liquidity concerns [0]. Despite these challenges, the company maintains strong analyst support with 55.2% of analysts rating it “Buy” and a consensus price target of $517.00, representing 133.3% upside potential [0].

Strategy has been aggressively raising capital for Bitcoin acquisitions, including a recent €620 million preferred stock offering in Europe [1]. TD Cowen projects the company will add 6,700 BTC from new STRE raise, continuing accumulation despite narrowing premium to net asset value [1].

Several key market dynamics warrant attention. James Chanos, veteran short-seller, recently exited his long-standing wager against Strategy [1]. Additionally, the premium between Strategy’s market value and Bitcoin holdings has narrowed to its tightest in more than a year, suggesting market re-evaluation of the company’s business model [1]. Trading volume has also decreased significantly from average levels (1.90M vs 12.62M avg) [0].

Saylor’s prediction references “Wall Street being 10% Bitcoin,” though concrete data on current institutional allocation percentages remains limited [1]. The realization of his $1 million Bitcoin target depends heavily on institutional adoption rates, which remain a critical variable for the prediction’s accuracy.

Current regulatory developments affecting institutional Bitcoin adoption remain unclear from available sources. Information about other corporate Bitcoin treasury companies and their market share dynamics is also limited, creating gaps in comprehensive competitive analysis [1].

1. Leverage Risk
   : The company’s continued use of high-yield financing (10% preferred stock) creates substantial interest obligations that could strain cash flow [1].

2. Valuation Risk
   : The dramatic narrowing of Strategy’s premium to net asset value (from 2.7x last year to 1.06x currently) suggests market skepticism about the company’s business model sustainability [1].

3. Liquidity Risk
   : Current ratio of 0.66 indicates potential short-term liquidity challenges that could limit operational flexibility [0].

4. Concentration Risk
   : With 641,205 Bitcoin holdings representing over 70% of the company’s value, Strategy remains extremely concentrated in a single volatile asset [1].

1. Bitcoin Price Volatility
   : Any significant Bitcoin price decline could severely impact Strategy’s balance sheet and market valuation.

2. Institutional Adoption Pace
   : The realization of Saylor’s $1 million Bitcoin target depends heavily on institutional adoption rates.

3. Regulatory Developments
   : Changes in cryptocurrency regulation could significantly impact both Bitcoin and Strategy’s business model.

4. Competitive Landscape
   : Monitoring other corporate treasury companies and their Bitcoin accumulation strategies.

5. Funding Costs
   : The sustainability of Strategy’s high-cost capital structure given current market conditions.

Strategy (MSTR) currently trades at $221.76 with a market cap of $63.69B, near 52-week lows despite holding 641,205 BTC worth $47.5 billion [0, 1]. The company faces financial challenges with negative profit margins (-141.24%) and liquidity concerns (current ratio 0.66) [0]. However, analyst sentiment remains positive with 55.2% Buy ratings and a $517 consensus price target [0]. Michael Saylor’s prediction that Bitcoin will surpass gold by 2035 hinges on institutional adoption and regulatory developments, while Strategy’s business model faces scrutiny due to high leverage and concentration risk [1, 2].