Michael Saylor, the founder of MicroStrategy and a prominent advocate for Bitcoin, has dismissed the likelihood of Bitcoin (BTC) falling to $60,000, a level that many analysts have considered crucial for 2024. Speaking to CNBC on November 14, Saylor expressed confidence in Bitcoin’s upward trajectory, emphasizing its resilience in the current market.
Bitcoin’s Current Status and Future Prospects
At the time of Saylor's interview, Bitcoin was trading at approximately $87,790, according to CoinMarketCap. Saylor stated, "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." He attributed this confidence to what he perceives as a stable political and regulatory environment in the United States following Donald Trump’s electoral victory. Saylor remarked that Trump’s win has decisively shaped the future of Bitcoin and the broader crypto industry in the U.S., adding, “I don’t really see any threats on the near-term horizon.”
Optimism for Bitcoin’s Path to $100,000
Saylor is preparing for Bitcoin to breach the $100,000 mark, potentially before the end of 2024. "I’m planning the $100,000 party," he said, hinting at a New Year’s Eve celebration if Bitcoin reaches this milestone by December. His outlook aligns with that of Keith Alan, co-founder of Material Indicators, who predicts Bitcoin could hit $100,000 as early as November 28, coinciding with the U.S. Thanksgiving holiday.
However, not all analysts share this optimism. Ki Young Ju, CEO of CryptoQuant, has warned that Bitcoin might end the year below $59,000, citing an overheated futures market as a potential obstacle.
Market Sentiment Among Traders
Despite differing opinions on Bitcoin’s year-end price, many traders remain bullish. Pseudonymous trader Ash Crypto told their 1.2 million followers on platform X (formerly Twitter) that while volatility is expected, the overall trend points to new highs. Similarly, financial analyst Rajat Soni shared his long-term view, stating, "I don’t care about the price when I buy Bitcoin; every buy will appreciate in purchasing power."
Regulatory Outlook and SEC Speculation
Saylor also commented on the potential impact of regulatory changes under a Trump administration. He speculated that Gary Gensler, the current Chair of the Securities and Exchange Commission (SEC), might resign, paving the way for a more crypto-friendly successor. According to Saylor, the new SEC leadership would have a pivotal role in fostering pro-Bitcoin policies and establishing a robust digital assets framework. "We’re going to see an end to the war on crypto," he asserted.
U.S. Strategic Bitcoin Reserve Bill: A Bold Vision
At the Cantor Crypto, Digital Assets & AI Infrastructure Conference on November 13, Saylor advocated for the U.S. Strategic Bitcoin Reserve Bill. This proposed legislation aims to have the U.S. government accumulate 1 million Bitcoin — roughly 5% of the total supply — over five years. Saylor described it as "the greatest deal of the 21st century," suggesting that even without the bill, the current Bitcoin held in U.S. reserves could be worth $3 trillion. If the bill passes, he estimated it could generate a $16 trillion benefit for the U.S. over 21 years, and potentially $30 trillion if the reserve is doubled.
Despite Saylor’s enthusiasm, Galaxy Digital founder Mike Novogratz expressed skepticism, noting a “low probability” that Trump would prioritize creating a Bitcoin strategic reserve.
Conclusion: A Bullish Horizon With Caution
While Saylor and other industry leaders project a bullish outlook for Bitcoin, it’s important to note that the crypto market remains volatile and unpredictable. Investors are urged to conduct thorough research and consider the inherent risks associated with cryptocurrency investments.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always consult a financial advisor before making investment decisions.