Key Points
- Michael Saylor, co-founder of MicroStrategy, predicts Bitcoin’s value could surpass $100,000 by the end of the year.
- Saylor dismisses the possibility of a significant decline in Bitcoin’s value, ruling out a fallback to $30,000 or $60,000.
Michael Saylor, the co-founder of MicroStrategy, has given a hopeful forecast for the future of Bitcoin.
During a CNBC interview on November 14, 2024, Saylor estimated that the value of Bitcoin could exceed $100,000 by the end of the year. He also disclosed his plans for a celebratory event, the “Bitcoin $100,000 party”, expressing optimism about reaching this milestone within November or December.
Bitcoin’s Upward Trajectory
Saylor strongly emphasized his belief in Bitcoin’s continued growth, dismissing any chances of a significant decline in its value.
He ruled out the possibility of Bitcoin falling back to $30,000 or even $60,000, which has been a key price level throughout 2024. Instead, he projected a steady upward trajectory for the cryptocurrency.
Saylor attributed his optimism to shifts in the US political landscape, particularly the influence of former President Donald Trump’s leadership. He suggested that these changes have strengthened Bitcoin’s standing in the country, leaving no immediate obstacles to its growth.
Varying Opinions on Bitcoin’s Future
Other experts hold varying opinions on Bitcoin’s future. Keith Alan, co-founder of Material Indicators, predicted that Bitcoin could reach $100,000 as early as November 28. Meanwhile, Ki Young Ju, CEO of CryptoQuant, warned that Bitcoin might close the year below $59,000 due to risks from an overheated futures market.
Despite these differing views, Pseudonymous trader Ash Crypto predicted significant price swings and liquidations but maintained that the overall trend would push the cryptocurrency to new highs.
Saylor also 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. He predicted a shift toward more pro-Bitcoin policies under new leadership at the SEC.
At the Cantor Crypto, Digital Assets & AI Infrastructure Conference on November 13, Saylor further discussed the potential impact of the US Strategic Bitcoin Reserve Bill. This proposed legislation seeks to have the US government acquire 1 million Bitcoins, approximately 5% of the total Bitcoin supply, over five years.
Saylor hailed the bill as a transformative opportunity for the nation, claiming it could provide immense benefits. He added that even 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.
