- Michael Saylor ruled out Bitcoin retracing to $60K or lower, expressing confidence in a rise beyond $100K by the end of 2024.
- Saylor praised the proposed U.S. Bitcoin Reserve Bill as a multi-trillion-dollar opportunity for the economy, while experts remain cautious.
MicroStrategy founder Michael Saylor, a prominent Bitcoin advocate, has dismissed the possibility of Bitcoin falling back to $60,000, let alone $30,000, for the foreseeable future. Speaking to CNBC on Nov. 14, Saylor expressed confidence in Bitcoin’s upward trajectory.
“I don’t think it is going to $60,000, it is not going to $30,000, I think it is going to go up from here,” he stated.
At press time, Bitcoin is trading at $90,629.
Saylor attributed part of his optimism to Donald Trump’s election victory, which he believes has clarified the regulatory landscape for cryptocurrencies in the United States. “I don’t really see any threats on the near-term horizon,” he added.
Looking ahead, Saylor is preparing for Bitcoin to hit the $100,000 milestone before the end of 2024. “I’m planning the $100,000 party,” he said, suggesting the celebration could occur on New Year’s Eve at his residence. This view aligns with Keith Alan, co-founder of Material Indicators, who anticipates Bitcoin reaching $100,000 by Thanksgiving in the U.S.
However, not all experts share the same outlook. CryptoQuant CEO Ki Young Ju cautioned on Nov. 9 that Bitcoin could end the year below $59,000 due to an overheated futures market. Despite this, several traders remain optimistic about Bitcoin’s long-term potential. Pseudonymous trader Ash Crypto told their 1.2 million X followers to “expect high volatility” but maintained confidence in Bitcoin setting new highs.
Saylor also commented on the possible resignation of SEC Chair Gary Gensler under the Trump administration, calling it a pivotal moment for the crypto industry. He believes this shift could lead to pro-Bitcoin policies, a robust digital asset framework, and the end of what he described as a “war on crypto.”
Saylor lauded the proposed U.S. Strategic Bitcoin Reserve Bill at the Cantor Crypto, Digital Assets & AI Infrastructure Conference on Nov. 13. This initiative, if passed, would aim to accumulate 1 million Bitcoin over five years, potentially delivering up to $30 trillion in benefits to the U.S. economy. Despite Saylor’s enthusiasm, Galaxy Digital founder Mike Novogratz deemed the likelihood of the bill being implemented during Trump’s term as low.
