Are you worried about it? it’s too late to buy Bitcoin (BTC 7.43%)? Although it may be difficult to match the pace of some of the cryptocurrency’s previous rises, it still has plenty of room to grow. But how much?

If you believe outspoken chef Michael Saylor MicroStrategy (MSTR 2.16%)the answer is a lot. Known for his bold and fearless Bitcoin advocacy, Saylor does not hesitate to set high price targets. The last one? It is stated that Bitcoin will reach $13 million by 2045, a potential gain of 18,600% compared to its current price.

Saylor believes strongly in Bitcoin

Under Saylor’s management, the company has made Bitcoin a core part of its business. MicroStrategy started as a software company — it still is — but in 2020 it began accumulating Bitcoin reserves as a central strategy for growth. He currently owns approximately 250,000 Bitcoins worth more than $16 billion. The company spent just under $10 billion to acquire them; It’s a pretty sweet deal. Investors seem to believe this is a winning strategy; Although the company’s software revenue has increased marginally since then, the stock is up almost 2,000% since Bitcoin buying began.

It’s like he’s betting on Bitcoin’s success, but it’s clear he believes in this strategy wholeheartedly. From where? Saylor sees it as bringing together the best of a set of assets, such as money, gold and real estate. First, it is scarce. There is a fixed amount of Bitcoin that can be mined and it is becoming increasingly difficult subtract new ones. This makes it a deflationary asset, meaning that its value tends to increase over time due to its limited supply. This is in stark contrast to currencies like the dollar, which are inflationary in nature.

Gold works similarly, but Bitcoin has a few key advantages over the precious metal; meaning it can be easily stored and replaced. MicroStrategy can store $16 billion worth of Bitcoin by running several servers. Can you imagine the cost of storing $16 billion worth of gold?

Bitcoin is secure and decentralized; A large worldwide network of computers works together to ensure this. Theoretically, no entity can disrupt this or put its finger on the scale to affect Bitcoin’s value like a central bank can with a currency.

These more ideological reasons are all well and good, but at the end of the day, the market has proven that Bitcoin has tremendous value. Bitcoin is by far the most adopted digital asset, and it looks like it will be incredibly difficult to displace it at this point. That doesn’t mean it’s impossible, but it seems unlikely given the influx of institutional capital over the last few years.

Saylor’s goal may be a little too optimistic

While it’s not impossible for Bitcoin to reach $13 million in 2045, I’m not sure it’s very likely. Here’s why. This will mean a very significant paradigm shift in the global economy. Currently, the total value of the Bitcoin market is only 1% of that of traditional stocks. If Saylor’s goal proves correct and stocks grow at historical rates, Bitcoin would be worth about 35% of global stocks by 2045. This is a huge change that may be too fundamental to happen in the next 20 years.

However, I think Bitcoin will greatly outperform the market in the next 20 years and is an excellent investment. I generally agree with Saylor’s belief in the digital asset, although I think he’s a bit overzealous, but Bitcoin is here to stay. The reality is that Saylor is not necessarily reaching levels near the levels he predicts would be a good investment today. Even if it represents only 5 percent of global equities by 2045, this will still result in an annual return of around 19 percent.