Michael Saylor, the pro-bitcoin executive chairman of Microstrategy (Nasdaq: MSTR), delved into BTC’s trajectory and the cryptocurrency industry’s future in an interview with CNBC last week. He pointed to a convergence of factors driving optimism, including political developments and Wall Street backing.
“We’re also getting a lot of very constructive support from Wall Street,” Saylor said, elaborating: “Blackrock has been a very, very strong voice articulating the bitcoin value proposition.” He added that Microstrategy announced on Oct. 30 that it will raise $42 billion to buy bitcoin. “That’s the same as saying we’re going to buy every bitcoin mined for the next three years at $85,000 or more bitcoin,” Saylor described, emphasizing:
There’s a lot of bullish things going on in the market right now.
On regulation, Saylor discussed the importance of leadership at the U.S. Securities and Exchange Commission (SEC), calling it “probably the most pivotal role in the entire digital assets industry.” He predicted that a pro-bitcoin SEC chair could bring about significant changes, including “a digital assets framework” and “an end to the war in crypto.”
The Microstrategy chairman also expressed confidence in bitcoin’s price performance, rejecting the possibility of a drop below $30,000. “I don’t think it’s going to $60K. It’s not going to $30K. I think it’s going to go up from here. I’m planning the $100K party and I’m thinking it’s probably going to be New Year’s Eve at my house,” he opined, noting:
I would be surprised if we don’t go through $100K in November or December.
When asked about the U.S. making BTC a national reserve, he expressed support for Senator Cynthia Lummis’ proposal for a U.S. strategic bitcoin reserve, calling it essential for strengthening the nation’s economic leadership. “I think it’s a great idea. I think it will happen. And I think it’s important to the United States … Senator Lummis’ bill will offset $16 trillion of our debt, according to my models right now. So, I think it’s economically wise. It’s technically wise,” Saylor detailed.
Discussing Microstrategy’s rapid bitcoin acquisitions, he revealed:
All of our investors tell me, they want me to buy more bitcoin. They want me to raise capital to buy bitcoin. And their number one concern was: ‘Are you going to stop issuing equity to buy bitcoin?’ So, we were actually addressing their concerns.
“We did raise $2 billion to buy 27,200 bitcoin just in the first 10 days of November. So we’re moving fairly aggressively on it. I think our exact rate will be a function of the capital markets but right now they’ve been very enthusiastic. So, our plan is three years, but it’s possible we’ll do it much before then,” he concluded.
