MicroStrategy CEO Michael Saylor has revealed his prognosis that Bitcoin will hit the 100,000 mark before December 2024 thanks to the political environment occasioned by the U.S. election. In an interview with CNBC on November 14, Saylor, who recognises the coming together of the U.S. presidential band, stated that “The election of 2024 is the single biggest thing that has happened in the past four years for Bitcoin.
I consider myself planning the $100,000 party, which makes the party New Year’s Eve at my place. In fact, during the interview, Saylor said he would not be astonished if the company were to spend at least $100,000 in November or December alone.
Recent volatility does not bother Saylor much regarding bottoming prices, let alone below $30,000. I believe that it will not drop down to $60000 or lower. I think it has to go up from here,” he claimed, backing his forecast up with positive sentiments on Bitcoin’s trajectory.
Bitcoin reached $93,424.13 on Halloween just after the US Consumer Price Index (CPI) was published on November 13 and stabilized at $89,083. It is 1.7 % down in the last 24 hours, attributed to mixed signals in inflation reports.
Saylor links the continued Bitcoin advance to the political changes that came with Donald Trump’s victory and the Republican Party’s holding of the House of Representatives. He opines that this political environment will improve policies for Bitcoin and other digital assets. He said the “red wave” is most likely the largest event in the last four years for Bitcoin, and this means a more favorable climate for cryptocurrencies will come.
Indeed, Bitcoin has been on the rise recently, and the overall growth corresponds to the crypto market: Ethereum (ETH), Solana (SOL), and meme tokens like “Cat in a Dog’s World” (MEW) and Peanut (PNUT) started growing together with BTC. The optimism is underpinned by the preeminent belief that policies under Trump’s presidency will be more “Bitcoin-friendly” and inclusive of a favorable “regulatory environment” sided by the abandonment of the anti-crypto “war.”
Saylor also recalled a wave of pro-crypto representatives in the House of Representatives, of which, per Stand With Crypto, 272 have been elected, mostly Republican. He says this is evidence that US legislators are gradually coming closer to the world of cryptocurrencies.
Continuing with its bitcoin investment spree, Saylor said on November 11 that MicroStrategy had bought an extra $2.03bn of the coin, increasing its overall stash to 279,420. That makes MicroStrategy the firm with the largest Bitcoin balance, a position that must be comforting to Saylor in his staunchly bullish view on cryptocurrency.
Sitting just a few thousand dollars away from its record high, with the world’s largest economy fully endorsing Bitcoin and general positivity caused by the U.S. presidential elections, Saylor’s 100K Bitcoin price prediction isn’t too far off. With the crypto market preparing for what might be a historic year-end, all eyes are now on Bitcoin to meet the increased forecast set by Saylor.
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