As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I must say that Michael Saylor’s bullish outlook on Bitcoin feels like a breath of fresh air amidst the constant volatility. Having witnessed numerous price swings, from the meteoric rise to the crushing fall, I can attest to the resilience and potential of this digital gold.
According to Michael Saylor, the creator of MicroStrategy, it seems unlikely that Bitcoin will fall back down to around $60,000 – a significant price point for much of the year 2024.
Saylor shared with CNBC on November 14 that he doesn’t believe Bitcoin will drop to $30,000, and it won’t be $60,000 either. Instead, he anticipates a rise in its price from the current level of approximately $87,790.
He said Donald Trump’s win “very decidedly” settled the future of crypto and Bitcoin in the United States, adding, “I don’t really see any threats on the near-term horizon.”
“Would be surprised” if Bitcoin misses $100,000 before 2025
Saylor mentioned that he’s arranging a grand celebration estimated to cost around $100,000. He expects it to likely take place on New Year’s Eve at his house, suggesting that the budget might be depleted by either November or December.
In line with what Saylor, Keith Alan, a co-founder of the trading resource Material Indicators, proposes, there’s a strong possibility that Bitcoin could surge to $100,000 as early as November 28, or by Thanksgiving in the United States.
Nevertheless, CryptoQuant’s CEO, Ki Young Ju, cautioned on November 9th that Bitcoin could finish the year below $59,000. He attributed this potential drop mainly to excessive volatility in the futures market.
Multiple investors express optimism, suggesting that despite potential fluctuations persisting, they believe the price of Bitcoin will rise.
In simpler terms, Ash Crypto, a well-known anonymous cryptocurrency trader with over 1.2 million followers, predicts that there will be significant market fluctuations leading to more liquidations, but the overall direction of prices is likely to rise, potentially reaching new record highs.
On the very same day, financial analyst Rajat Soni declared that he doesn’t focus on the cost when purchasing Bitcoin because each acquisition is expected to increase in value over time.
Additionally, Saylor voiced his thoughts on rumors suggesting that Gary Gensler might step down from his position as Securities and Exchange Commission chairman as Trump assumes office the following year. He emphasized that the individual assuming this role will hold the “most significant influence” within the cryptocurrency sector.
He expressed his viewpoint that this situation is extremely positive for digital currencies, benefiting the cryptocurrency sector as a whole. He anticipates increased support for Bitcoin, the development of a comprehensive digital asset structure, and a resolution to the ongoing conflict against cryptocurrencies.
Bitcoin Strategic Reserve Bill ‘greatest deal’ of the century
At the Cantor Crypto, Digital Assets & AI Infrastructure Conference on November 13th, Saylor expressed that the US Strategic Bitcoin Reserve Bill, which aims to establish a goal for the U.S. government to acquire 1 million Bitcoins or around 5% of its total supply over a period of 5 years, is an exceptional opportunity of the 21st Century.
If the bill isn’t passed and we merely hold onto the current Bitcoin assets, they would be valued at approximately $3 trillion for the public, he stated. Saylor further explained that if the bill is passed in its current form, it would equate to a staggering $16 trillion advantage for the United States over a 21-year period.
“If they decide to go double max, and double it, it is a $30 trillion benefit,” he added.
Nevertheless, according to Mike Novogratz, the founder of Galaxy Digital, it’s unlikely that President-Elect Trump would actually fulfill his pledge to create a Bitcoin strategic reserve during his presidency.
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2024-11-15 09:10