The Bitcoin bullish software company MicroStrategy is building Bitcoin lightning network wallets that can be deployed to enterprises.
The company’s executive chairman and former CEO Michael Saylor shared details on the tech in a recent interview. In an uncharacteristic fashion, he also offered some short/medium-term price predictions for Bitcoin.
MicroStrategy Builds on Lightning
As Saylor told MarketWatch in an interview on Wednesday, the company’s wallet software will let business owners distribute Bitcoin to thousands of employees in a single afternoon.
Another application will be to create “lightning walls” – Bitcoin-based paywalls that protect websites from cyber security attacks. Saylor previously proposed a similar solution for Twitter to combat its spam problem, after integrating the lightning network last year.
“We’re interested in cyberspace and continue to spread Bitcoin,” said Saylor. “We’re going to use our enterprise software skills to do that.”
The lightning network is Bitcoin’s premier scaling solution – a “layer 2” technology that lets Bitcoin users transact instantly and freely. The network is thought to be key in helping Bitcoin evolve as a medium of exchange since ordinary Bitcoin transactions are too slow for merchant use.
Given its potential, many businesses are already integrating the layer 2 software into their Bitcoin services. Earlier this year, Cash App implemented lightning network compatibility to allow for free Bitcoin transfers between users.
At the Bitcoin conference in April, Strike’s Jack Mallers announced partnerships with Blackhawk and NCR that will bring Bitcoin acceptance to merchants across the U.S.
Saylor has shown interest in lightning network applications in the past that go beyond just Bitcoin. In June, the executive suggested “lightning finance” (LiFi) as an alternative to decentralized finance (DeFi), which could include NFTs and stablecoins on Bitcoin. Projects like Taro are now seeking to fulfill that vision.
Saylor’s Price Predictions
The chairman said that he was keeping an eye on Bitcoin’s four-year moving average as a level of support. The average currently sits at $20,000. “It has touched that a few times. I think this is stable,” Saylor said.
Long term, the chairman remains just as bullish as always. He believes Bitcoin will replace gold as a non-sovereign store of value, implying a rise to over $500,000 per coin.
MicroStrategy recently increased its Bitcoin stack to 130,000 coins. The chairman himself personally owns 17,732 coins.