[DigitalToday reporter Yeseul Kim] Michael Saylor (마이클 세일러), chairman of Strategy (formerly MicroStrategy), again stressed bitcoin's long-term upside potential.

The Crypto Basic, a blockchain media outlet, reported on Feb. 20 that Saylor argued: "If bitcoin is not going to $0, it is going to $1 million."

Bitcoin is trading at around $67,100 and has been falling after recently breaking above $60,000. It is 47% below its record high of $126,200.

Saylor said the drop is only a temporary correction unlike in the past, and that the long-term uptrend will continue due to increased participation by institutional investors and political support. Banks and large financial institutions are participating in the bitcoin market far more actively than 4 years ago, he said. He cited the increase in spot bitcoin exchange-traded funds and expanded corporate treasury allocations to bitcoin as evidence.

Strategy holds 717,131 BTC at an average purchase price of $76,027, and its position is at an unrealised loss as bitcoin has fallen. Saylor reaffirmed the long-term holding plan, saying: "Even if bitcoin falls to $8,000, the company's strategy does not change."

Saylor stressed that, under the principle of scarcity, bitcoin could rise in the long term to $1 million to $10 million. "Supply is limited, and demand keeps rising," he said. "Each cycle requires more fiat currency, but the amount of bitcoin you can get shrinks," he added.

Saylor has previously set out a long-term target for bitcoin. At the end of 2025, he argued that bitcoin could reach $1 million if Strategy secures 5% of the total supply. He also mentioned that it could rise to $10 million if its holdings increase to 7%.

Some analysts, meanwhile, are warning of a bitcoin decline. Mike McGlone (마이크 맥글론), Bloomberg's commodity strategist, mentioned the possibility that bitcoin could fall to $10,000.