Michael Saylor, Executive Chairman of Microstrategy, has fired up the Bitcoin bulls with his $100K Bitcoin prediction for December 2024. Saylor spoke with sources in a recent CNBC interview that was held about his visions and hopes for Bitcoin’s future; he mentioned Wall Street’s increasing adoption, regulatory optimism and Microstrategy’s relentless Bitcoin buying as the reasons behind his forecast.
Wall Street’s Support for Bitcoin
Saylor said the current Bitcoin rally is due to a big shift in sentiment from Wall Street. Big players like Blackrock have been Bitcoin bulls. “Blackrock has been a very vocal advocate for Bitcoin,” Saylor said, referring to the asset manager’s growing support for crypto. Blackrock’s push for Bitcoin ETFs is evident and as a result of this, institutional investors are getting more and more into crypto.
Microstrategy just recently announced that they’ll be raising $42 billion to buy Bitcoin. Saylor said that’s three years worth of Bitcoin mining at $85,000 per coin. “This is a big investment in Bitcoin’s long-term value,” he said.
SEC’s Role in Regulating Bitcoin
Saylor also noted that if the SEC leadership could be pro-Bitcoin, it could change everything in the crypto space. He said some regulations could end the hostilities against digital assets and create clear rules for the sector.
According to Saylor “A pro-Bitcoin SEC chair could be the difference between stagnation and exponential growth for the US crypto market.” He supports the bill proposed by Senator Cynthia Lummis to create a strategic Bitcoin reserve, which he believes could solidify the nation’s economic leadership.
Microstrategy’s Unrelenting BTC Buying
Microstrategy has a rooted stance on Bitcoin. In November alone, they bought 27,200 BTC worth $2 billion. Saylor acknowledged these purchases as exactly what shareholders expected.
“All of our investors tell me to buy more Bitcoin,” he said. So they’re issuing more equity to fund the purchases.
Sources believe the Bitcoin buying is in order to serve as a hedge against inflation and a better store of value than gold.
Saylor is so confident in Bitcoin’s path that he’s already planning a $100K Bitcoin party. “I’d be shocked if we don’t hit $100K in November or December,” he said, citing the environment.
He’s not seeing a dip below $30K. Instead, he says the conditions are set for more growth with increased institutional participation and macro factors.
Overall Impact
Beyond Microstrategy’s big plans, Saylor sees a future where Bitcoin is at the centre of the financial system. He calls Senator Lummis’ Bitcoin reserve proposal a key step towards financial innovation.
Saylor also sees Bitcoin as a way to strengthen the US economy. “A Bitcoin reserve would put the US at the head of the digital economy” he said.
Michael Saylor’s conviction is inspiring the crypto world. With Microstrategy’s buying and Wall Street’s acceptance of digital assets, his $100K Bitcoin prediction seems possible. As the year goes on, the focus will be on Bitcoin, its adoption and the visionaries like Saylor.
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