2024-11-19 20:20 |
In a recent CNBC interview on November 14, 2024, Michael Saylor, co-founder of MicroStrategy, projected Bitcoin’s price could reach $100,000 by year-end. Known for unwavering support of the cryptocurrency, Saylor predicted continued growth, dismissing concerns of a drop to lower levels.
“I’m planning the $100,000 party, and I’m thinking that it’s probably going to be New Year’s Eve at my house,” Saylor said. “So, I will be surprised if we don’t go through $100,000 in November or December.”
Furthermore, Saylor rejected the idea of a decline to $60,000, a price range closely monitored by traders earlier in 2024. Instead, he highlighted Bitcoin’s strong momentum, reaffirming belief in its rise as a dominant store of value and global financial asset.
Saylor’s Bullish Confidence in Bitcoin’s Long-Term ProspectsSaylor’s remarks arrive amidst widespread speculation regarding Bitcoin’s short-term trajectory in the cryptocurrency market. Some industry figures, such as CryptoQuant CEO Ki Young Ju, predict Bitcoin may finish the year below $59,000. Ju attributes this forecast to an overheated futures market, which could lead to a downturn. In contrast, Saylor remains steadfast, pointing to the broader optimism within the space.
On November 14, Saylor aligned his views with Keith Alan, co-founder of Material Indicators. Alan anticipates Bitcoin may surge to $100,000 by November 28, coinciding with the Thanksgiving holiday in the United States. Both Saylor and Alan share a conviction that Bitcoin’s upward momentum will remain relentless despite the market’s short-term fluctuations.
A key element of Saylor’s perspective lies in his belief that U.S. political developments have paved the way for cryptocurrency’s future. He asserts that Donald Trump’s victory has bolstered Bitcoin’s outlook in the country, reinforcing the view that Bitcoin and other digital currencies are firmly embedded in the financial landscape.
“I don’t think it is going to $60,000, it is not going to $30,000, I think it is going to go up from here,” Saylor said.
He also suggests that Trump’s potential return to the White House could further benefit the cryptocurrency sector, potentially fostering more pro-Bitcoin policies and establishing a regulatory framework for digital assets that would strengthen the legitimacy of the entire market.
Moreover, Saylor touched upon the upcoming changes at the U.S. Securities and Exchange Commission (SEC), speculating that Gary Gensler, the current SEC chair, might resign if Trump takes office again. Saylor believes that whoever takes Gensler’s place will have the “most pivotal role” in shaping the future of digital assets in the United States.
A $16 Trillion Opportunity for the U.S. GovernmentAt the Cantor Crypto, Digital Assets & AI Infrastructure Conference on November 13, Saylor addressed the potential impact of the U.S. Strategic Bitcoin Reserve Bill. If enacted, the bill seeks to acquire 1 million Bitcoins, approximately 5% of the global supply, over the next five years. Saylor described the proposal as the most significant opportunity of the 21st century.
Saylor argued that without this legislation, the existing Bitcoin held on the U.S. balance sheet would benefit the nation by $3 trillion. He emphasized that such an initiative would not only strengthen the U.S. economy but also enhance its global financial standing while supporting the broader Bitcoin ecosystem.
“If we don’t pass that bill, and all we do is hold the existing Bitcoin on the balance sheet, it is worth $3 trillion to the people,” Saylor claimed. “If the bill passes as currently drafted, it is a $16 trillion benefit to the United States over 21 years.”
Despite predictions from analysts like Ash Crypto, a prominent pseudonymous trader who expects short-term volatility and possible liquidations, there remains widespread confidence in Bitcoin’s long-term growth. In a November 14 post, Ash Crypto projected significant price fluctuations and liquidations but maintained that Bitcoin’s overall trend would be upward, reaching new highs.
Source: X
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