Saylor pointed to the U.S. government's shifting stance and legislative momentum as key catalysts. Meanwhile, Blockstream CEO Adam Back defended the premium on Strategy stock by pointing to the firm's rapid BTC accumulation. BTC Prague also shed some light on Europe’s potential in Bitcoin adoption, as Jan3’s Samson Mow met with French lawmaker Sarah Knafo to discuss a national Bitcoin reserve. France’s recent crypto investments could mean that there is growing interest, though EU-wide adoption still faces regulatory hurdles. Saylor Sees Bitcoin at $21 Million Bitcoin bull and Strategy founder Michael Saylor delivered a strikingly optimistic forecast for Bitcoin during his keynote speech at the BTC Prague 2025 event. He predicted that the leading cryptocurrency could reach a price of $21 million within 21 years. Saylor’s bold projection is a big increase from his previous forecast at the Bitcoin 2024 conference in Nashville, where he envisioned Bitcoin reaching $13 million by 2045. This dramatic revision reflects what Saylor described as an extraordinary shift in the geopolitical and regulatory landscape surrounding Bitcoin over the past year. Saylor credited his bullishness to unprecedented developments that he claimed were unimaginable just 11 months ago. Chief among these was the White House’s apparent embrace of Bitcoin, which he said was a landmark moment in US political history. He pointed to Donald Trump’s election victory in November of 2024 as a pivotal moment that ushered in a new era of pro-Bitcoin politics. According to Saylor, the notion that the United States could establish a strategic Bitcoin reserve or proclaim itself a global Bitcoin superpower was once inconceivable but is now becoming reality. Michael Saylor speaking at the BTC Prague event In addition to political changes, Saylor pointed out major legislative advancements, including progress on three crypto-focused bills in the United States — the Genius Act, the Digital Asset Market Clarity Act, and the Bitcoin Act. He also mentioned that individual US states are increasingly embracing Bitcoin, which helps solidify the asset’s place in the mainstream financial system. While Saylor is an advocate for Bitcoin, his views on custody have attracted some criticism. Although Strategy holds a massive Bitcoin treasury — now totaling 592,100 BTC — the company refused to disclose the exact storage details of these holdings. Saylor pointed to security concerns as the reason for withholding proof-of-reserves information. His previous opposition to self-custody also sparked backlash. However, he reversed this stance in October 2024 by stating his support for self-custody by those “willing and able.” The BTC Prague event itself saw strong support for self-custody and open-source Bitcoin tools. Danny Sanders, chief commercial officer at Trezor, reported that more than 5,000 attendees participated in the event. Adam Back Defends Strategy’s Stock Premium Blockstream CEO Adam Back defended the premium on Strategy stock by saying it is justified given how quickly the company doubles its Bitcoin per share. Back also spoke at BTC Prague in an interview with Bitcoin podcaster Stephan Livera, where he explained that Strategy’s track record of growing its Bitcoin per share every 16 to 18 months reduces risk for investors, making the 2x multiple seen in MSTR stock trading “not unreasonable.” He explained that this growth rate means that investors can reach parity with the market net asset value (mNAV) in about a year and a half, effectively de-risking their position. Back pointed out that Strategy’s stock premium—which is currently around 1.7x on a basic share basis and 1.9x on a diluted basis—is backed by a solid asset base. The company has aggressively used leverage through at-the-market equity offerings and convertible senior notes to build up its Bitcoin reserves, now valued at approximately $60.89 billion. Despite MSTR’s recent price decline of 7.45% over the past 30 days, Back held firm that evaluating the time required to “overcome the premium” is a useful lens for investors in Bitcoin treasury stocks. Strategy Bitcoin holdings (Source: Saylor Tracker ) He warned that while elevated mNAVs can be speculative, they also often come with high potential yields. Still, such positions can lead to volatility and investor unease. As an example, he pointed to Japanese firm Metaplanet, which has seen its mNAV fluctuate between 5 and 10. Back acknowledged that holding the stock during such swings could be nerve-wracking, but said the firm has consistently rebounded. Metaplanet recently expanded its Bitcoin holdings to 10,000 BTC after a new purchase on June 16, which allowed it to surpass Coinbase to become the seventh-largest publicly listed Bitcoin holder. France Could Lead Europe’s Bitcoin Future Meanwhile, Jan3 founder Samson Mow is turning his attention to promoting Bitcoin adoption at the nation-state level in Europe, after a promising meeting with pro-Bitcoin French lawmaker and European Parliament member Sarah Knafo at BTC Prague. Mow shared on social media that the two discussed creating a Strategic Bitcoin Reserve for France and pushing for more favorable regulations toward Bitcoin. He is optimistic about launching a wave of nation-state Bitcoin adoption starting in France and potentially spreading across Europe. Knafo said that France must take a leading role in the conversation around Bitcoin. She described her meeting with Mow as an “excellent discussion,” and called him a seasoned expert in national Bitcoin strategies, including his advisory role with El Salvador’s government. Mow resigned from Blockstream in 2022 to focus entirely on Bitcoin nation-state adoption through his company Jan3. He confirmed that his team has been invited to France for further discussions. Knafo also met with Strategy executive chairman Michael Saylor, and called him “visionary and ambitious.” He even suggested that more Bitcoin-related projects are on the horizon for France and the broader European region. France has recently shown increasing engagement with Bitcoin through both government and private initiatives. Earlier this month, Paris-based Blockchain Group purchased 624 Bitcoin for €60.2 million, bringing its total holdings to 1,471 BTC. Additionally, France’s state-owned bank Bpifrance announced in March that it would invest €25 million into purchasing cryptocurrencies to support local blockchain projects. Despite these developments, there are still concerns about the pace of crypto adoption across Europe. Some industry leaders argue that the region continues to lag behind other parts of the world due to regulatory hesitation and limited institutional participation. Elisenda Fabrega, general counsel at European RWA tokenization platform Brickken, pointed to a lack of corporate engagement and structural barriers that prevented Bitcoin from being embraced as a reserve asset. The EU’s Markets in Crypto-Assets (MiCA) framework, while now fully in effect as of December 2024, has yet to fully resolve these issues or lead to widespread adoption across the continent.
