The world's most prominent Bitcoin advocate, Michael Saylor, co-founder of MicroStrategy, has forecasted that Bitcoin could reach $100,000 by December 2024. In a November 14 CNBC interview, Saylor expressed unwavering confidence in Bitcoin's upward trajectory, dismissing fears of a price 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 remarked. **"I will be surprised if we don’t breach $100,000 in November or December."
Saylor also rejected the possibility of Bitcoin declining to $60,000, a price level closely watched by traders earlier in the year. Instead, he emphasized Bitcoin's strong momentum, reinforcing his belief in its role as a leading store of value and global financial asset.
Saylor’s Long-Term Bullish Outlook on Bitcoin
Saylor’s comments come amid intense speculation about Bitcoin’s short-term price movements. While some analysts, like CryptoQuant CEO Ki Young Ju, predict Bitcoin could end the year below $59,000** due to an overheated futures market, Saylor remains optimistic. He aligns his views with **Keith Alan**, co-founder of Material Indicators, who anticipates Bitcoin could surge to **$100,000 by November 28, coinciding with Thanksgiving in the U.S.
Saylor attributes part of Bitcoin’s potential growth to favorable U.S. political developments, particularly Donald Trump’s victory in the 2024 election. He believes Trump’s policies could further legitimize cryptocurrencies, fostering a regulatory environment that supports digital assets.
"I don’t think Bitcoin is going to $60,000—it’s not going to $30,000. I believe it’s only going up from here," Saylor stated.
He also speculated about potential changes at the SEC, suggesting that Chair Gary Gensler might resign if Trump returns to office. Saylor views the next SEC leadership as pivotal in shaping U.S. cryptocurrency regulations.
The $16 Trillion Opportunity: U.S. Strategic Bitcoin Reserve
At the Cantor Crypto Conference on November 13, Saylor discussed the U.S. Strategic Bitcoin Reserve Bill, which proposes acquiring 1 million BTC (5% of global supply) over five years. He called it the "most significant opportunity of the 21st century."
Saylor argued that even without the bill, holding existing Bitcoin could benefit the U.S. by $3 trillion**. If passed, he estimates a **$16 trillion upside over 21 years, strengthening the economy and global financial standing.
Despite short-term volatility predicted by traders like Ash Crypto, long-term confidence in Bitcoin remains high. Ash Crypto expects price fluctuations but maintains Bitcoin’s overall trend is upward.
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FAQ Section
1. Why is Michael Saylor so bullish on Bitcoin?
Saylor views Bitcoin as the ultimate store of value and believes institutional adoption, favorable regulations, and macroeconomic factors will drive its price higher.
2. What’s the significance of the $100,000 Bitcoin prediction?
A $100,000 BTC would solidify Bitcoin’s position as a major financial asset, attracting more institutional investors and mainstream acceptance.
3. How could U.S. politics influence Bitcoin’s price?
A Trump administration could bring pro-crypto policies, reducing regulatory uncertainty and encouraging adoption.
4. What is the U.S. Strategic Bitcoin Reserve Bill?
The bill proposes the U.S. government acquire 1 million BTC to create a national reserve, potentially boosting Bitcoin’s legitimacy and price.
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5. Why does Saylor dismiss $60,000 as a support level?
He believes Bitcoin’s upward momentum and institutional demand make a drop to $60,000 unlikely.
6. Could SEC changes impact Bitcoin’s price?
Yes. A more crypto-friendly SEC could reduce regulatory hurdles, encouraging investment and innovation.