Michael Saylor, Executive Chairman of Microstrategy, stirred up the Bitcoin bulls with his prediction that Bitcoin will hit $100,000 by December 2024. Saylor spoke to sources in a recent CNBC interview about his vision and hopes for the future of Bitcoin; he cited growing Wall Street adoption, optimism from regulators, and Microstrategy’s continued purchases of Bitcoin as the reasons behind his prediction.

Wall Street's Support for Bitcoin

Saylor said the current Bitcoin rally is due to a major shift in sentiment from Wall Street. Big players like Blackrock are Bitcoin speculators. “Blackrock has been a very active supporter of Bitcoin,” Saylor said, referring to the asset manager’s growing support for the cryptocurrency. Blackrock’s push for a Bitcoin ETF is a no-brainer, and institutional investors are increasingly getting involved in the cryptocurrency as a result.

Microstrategy just announced that it will raise $42 billion to buy Bitcoin. That's three years of Bitcoin mining at $85,000 per coin, Saylor said. "This is a huge investment in the long-term value of Bitcoin," he said.

The SEC's Role in Regulating Bitcoin

Saylor also noted that if the SEC leadership can get behind Bitcoin, it could change everything in the crypto space. He said some regulation could end the hostility toward digital assets and create clear rules for the sector.

“A pro-Bitcoin SEC chairman could mean the difference between stagnation and exponential growth for the U.S. cryptocurrency market,” Saylor said, backing a bill proposed by Senator Cynthia Lummis to create a strategic Bitcoin reserve, which he believes could bolster the nation’s economic leadership.

Microstrategy's Non-Stop BTC Buying

Microstrategy has taken a firm stance on Bitcoin. In November alone, it bought 27,200 BTC worth $2 billion. Saylor admits that these purchases are exactly what shareholders have been waiting for.

“All our investors are telling me to buy more Bitcoin,” he said. So they are issuing more equity to fund the purchases.

Sources say buying Bitcoin is a hedge against inflation and a better store of value than gold.

Saylor is so confident in Bitcoin's trajectory that he's planning a $100,000 Bitcoin party. "I'd be very surprised if we don't hit $100,000 by November or December," he said, citing the environment.

He does not see prices falling below $30,000. Instead, he said conditions are set for further growth with increased institutional participation and macro factors.

Overall impact

Beyond Microstrategy’s grand plans, Saylor sees a future where Bitcoin is at the heart of the financial system. He calls Senator Lummis’ Bitcoin reserve proposal a major step toward financial innovation.

Saylor also sees Bitcoin as a way to strengthen the U.S. economy. “Bitcoin reserves will put the United States at the forefront of the digital economy,” he said.

Michael Saylor’s conviction is inspiring the crypto world. With Microstrategy buying in and Wall Street embracing digital assets, his $100,000 Bitcoin prediction looks plausible. As the year goes on, the focus will be on Bitcoin, its adoption, and visionaries like Saylor.