Michael Saylor predicts Bitcoin to surge to $100K by year-end
- MicroStrategy Executive Chairman Michael Saylor expects Bitcoin to hit $100,000 by year-end, citing the US election outcome as a major catalyst.
- Bitcoin reached an all-time high above $93,200 on Wednesday, shortly after the US CPI report.
- MicroStrategy said on Monday that it bought an additional $2.03 billion in Bitcoin, increasing its total holdings to 279,420 BTC.
MicroStrategy's executive chairman, Michael Saylor, predicts Bitcoin will hit $100,000 by the end of 2024, calling the United States (US) election outcome the most significant event for Bitcoin in the last four years.
Saylor announced in an interview on CNBC on Friday that he will host a New Year’s Eve party at his home, expecting Bitcoin to reach an all-time high. He dismissed concerns about risks that might drive Bitcoin back to $30,000, stating it is unlikely to drop below $60,000.
Bitcoin is Manifest Destiny for the United States. My discussion of The Red Wave, MicroStrategy's $42 Billion Plan, the compelling logic of the Strategic #Bitcoin Reserve, and getting ready for the 100K party, with @MorganLBrennan. pic.twitter.com/fvkwRnCzlU
— Michael Saylor⚡️ (@saylor) November 14, 2024
“I think it’s going to go up from here. I’m planning the $100,000 party and think it will probably be New Year’s Eve at my house. So I would be surprised if we don’t go through $100,000 in November or December,” Saylor stated.
The cryptocurrency reached a record high of over $93,200 on Wednesday, following the US Consumer Price Index (CPI) report. On Friday it is trading near $89,800, with an increase of around 3% in the last 24 hours.
Source: Bitcoin 1-week chart
Saylor's positive view matches Bitcoin's recent gains, strengthening his confidence in the cryptocurrency's rise as the year ends.
Bitcoin surges to $75,000 following Trump’s victory
The executive chairman of MicroStrategy attributed Bitcoin’s recent bull run to Donald Trump’s presidential election victory and the Republican Party's control of the House and Congress.
Bitcoin reached a new all-time high of $75,000 soon after Trump was declared President-elect, indicating a positive trend in the cryptocurrency market. Bitcoin is a benchmark for the crypto industry, influencing other digital assets like Ethereum (ETH), Solana (SOL) and various meme coins.
The Stand With Crypto campaign reports that 272 pro-crypto candidates, mainly Republicans, have secured seats in the House of Representatives, indicating robust legislative support for the cryptocurrency industry.
On Monday, MicroStrategy announced a $2 billion investment in Bitcoin, raising its total holdings to 279,420 BTC. This acquisition strengthens MicroStrategy’s status as the largest corporate holder of Bitcoin worldwide.
Author
Reza Ali
FXStreet
Reza Ali is a seasoned crypto-journalist and analyst with over four years of dedicated experience in the crypto and fintech space. He holds a bachelor’s degree in business administration.
