‘I’ll Be Surprised’ if Bitcoin Doesn’t Hit $100,000 by Year-End, Says Michael Saylor

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As a seasoned researcher with a keen eye for market trends and a knack for deciphering the nuances of Bitcoin’s volatile nature, I must confess that Michael Saylor’s optimistic forecast for Bitcoin reaching $100,000 by year-end seems plausible. His life experience in navigating the complexities of the crypto world has earned him a reputation as a shrewd investor and visionary.

During an interview on CNBC on November 14, 2024, Michael Saylor, co-founder of MicroStrategy, expressed his belief that Bitcoin‘s value could reach $100,000 by year-end. He announced plans for a celebration, which he dubbed the “Bitcoin $100,000 Party,” and was optimistic about reaching this milestone sometime in November or December. The current 24h volatility of Bitcoin is 2.7%, while its market cap stands at $1.74 trillion, with a 24h trading volume of $85.38 billion, as of the data provided.

Discussing The Red Wave, MicroStrategy’s massive $42 billion initiative, the persuasive argument for a Strategic Bitcoin Reserve, and preparing for the anticipated price surge to 100K, with Morgan Brennan on Bitcoin, which some view as a transformative force for the United States.

— Michael Saylor⚡️ (@saylor) November 14, 2024

Saylor mentioned he’s arranging a lavish party costing around $100,000, which is likely to take place on New Year’s Eve at his home. He expects the expenses for this event to be met by November or December.

Bitcoin Unlikely to Retreat to $60,000

Michael Saylor firmly expressed his conviction that Bitcoin’s growth will persist, disregarding any substantial decrease in its value. He asserted that Bitcoin is unlikely to drop down to $30,000 or even $60,000 – levels significant in 2024 – and instead foresees a consistent upward trend for the digital currency.

He stated that he doesn’t believe the price will drop to $30,000; instead, he anticipates an increase in value from its current point.

Saylor attributed his positive outlook to shifts occurring within the U.S. political sphere, notably the impact of Donald Trump’s presidency on policies. He posited that these changes have fortified Bitcoin’s position in America, creating few immediate hurdles for its expansion. With faith in the market’s resilience, he voiced no apprehensions about its stability.

“I don’t really see any threats on the near-term horizon.”

Following Saylor’s viewpoint and the prediction made by Keith Alan, co-founder of Material Indicators, suggests that Bitcoin may hit $100,000 as soon as November 28, coinciding with the U.S. Thanksgiving holiday. In contrast, Ki Young Ju, CEO of CryptoQuant, has issued a cautionary note, suggesting that Bitcoin could end the year below $59,000. He attributes this risk to an overheated futures market, which might lead to a sudden drop if it corrects itself.

Although there are differing views, pseudonymous trader Ash Crypto forecasted substantial price fluctuations and potential liquidations, yet remains optimistic about the long-term trajectory, predicting that cryptocurrency will reach unprecedented peaks. Even though uncertainty prevails due to market volatility, a general positive outlook points towards Bitcoin’s continued growth in the future.

Bitcoin appears to be moving into an exciting and volatile period. Prepare for significant price fluctuations, increased margin calls (liquidations), but keep in mind that the overall direction seems to be upward, potentially setting new record highs. It’s projected that by 2025, the value of a single Bitcoin could reach $150,000.

— Ash Crypto (@Ashcryptoreal) November 14, 2024

Saylor Predicts Pro-Bitcoin SEC Shift

Saylor shared his views on the future of crypto regulation. He addressed speculation regarding the potential resignation of Gary Gensler, chair of the US Securities and Exchange Commission (SEC), if Donald Trump returns to office. Saylor emphasized that whoever assumes the SEC chair will hold significant influence over the crypto industry. He predicted a shift toward more pro-Bitcoin policies under new leadership at the SEC.

During the Cantor Crypto, Digital Assets & AI Infrastructure Conference on November 13th, Saylor delved deeper into the potential consequences of the US Strategic Bitcoin Reserve Bill. This pending legislation aims to authorize the U.S. government to purchase around 1 million Bitcoins, which represents approximately 5% of the total Bitcoin supply, over a period of five years.

Saylor hailed the bill as a transformative opportunity for the nation, claiming it could provide immense benefits. He added that if the bill fails and only existing Bitcoin remains on the balance sheet, it would still be worth $3 trillion to Americans. If the bill proceeds as written, Saylor believes it could deliver a $16 trillion benefit over the next 21 years.

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2024-11-15 11:55