MicroStrategy Founder Confident Bitcoin Will Reach $100K in November or December

Michael Saylor predicts Bitcoin could exceed $100K this year, citing political shifts, institutional backing, and reduced market risks.

Bitcoin saw a 1.5% drop in the past 24 hours, signaling profit-taking following a significant rally earlier this week. The cryptocurrency had climbed above $93,000, reaching a high of $93,850 before encountering selling pressure.

The pullback led to a dip, with Bitcoin trading around $89,780 after hitting a low of $85,000. Despite this, market sentiment remains optimistic, with industry leaders forecasting further upward momentum.

For instance, Michael Saylor, co-founder and Executive Chairman of MicroStrategy, has expressed optimism about Bitcoin’s near-term potential.

Speaking with CNBC, he projected that Bitcoin could exceed $100,000 by the end of the year, dismissing the likelihood of significant price drops. Saylor pointed to recent political shifts and institutional backing as critical factors supporting this outlook.

SAYLOR: “I’m planning the $100K party and I’m thinking it’s probably going to be New Year’s Eve at my house so I would be surprised if we don’t go through $100K in November or December.”$MSTR pic.twitter.com/ygd7jlBkIx

— MSTR Updates (@MSTRUpdates) November 14, 2024

Highlighting the impact of recent developments, Saylor described a transformative period for Bitcoin, driven by increasing adoption and credibility on Wall Street. He underscored the importance of institutional players like BlackRock in enhancing Bitcoin’s value proposition and shaping a constructive narrative for digital assets.

Saylor also emphasized the positive momentum from pro-business and pro-crypto policies, which he believes will introduce a favorable framework for digital assets in the United States.

Notably, Saylor linked Bitcoin’s prospects to the outcomes of the recent U.S. elections. He indicated that the results have clarified the future of Bitcoin and cryptocurrencies in the country. According to him, the evolving political landscape has reduced near-term risks for the cryptocurrency market, setting the stage for regulatory clarity and broader institutional participation.

Sovereign Adoption Strengthens Bitcoin’s Case

In a separate instance, Matt Huang, co-founder of Paradigm, pointed to Bitcoin’s growing legitimacy among sovereign nations as a critical driver of its adoption in a recent blog.

Huang recalled Paradigm’s early belief in Bitcoin’s potential in 2018 when it was only $4,000 per coin. At the time, doubt prevailed regarding whether Bitcoin would gain adoption by sovereign nations.

Fast-forward to today, several nations, including El Salvador, have integrated Bitcoin into their reserves, while Abu Dhabi’s sovereign wealth fund has ventured into Bitcoin mining.

Huang highlighted proposals for a Strategic Bitcoin Reserve in the U.S., underscoring the increasing momentum among policymakers. Prediction platforms estimate a 30% likelihood of such a reserve being formalized.

This shift has led to a race among nations to accumulate Bitcoin at favorable entry prices, marking a turning point in its perception as a strategic asset. Huang compared Bitcoin’s adoption to other transformative technologies that sovereign entities could not afford to ignore.

Goldman Sachs Expands Bitcoin Exposure

In related news, institutional interest in Bitcoin also surged, as demonstrated by Goldman Sachs’ increased investment in Bitcoin exchange-traded funds (ETFs). The investment bank disclosed $710 million in Bitcoin ETF exposure in a recent SEC filing, making it one of the largest holders of these products. This marks a 70% increase from its previous quarter’s $418.65 million exposure.

Goldman diversified its portfolio across seven of the eleven available U.S. Bitcoin ETFs. Notable holdings include BlackRock’s iShares Bitcoin Trust, with 12.77 million shares valued at $461 million, and Fidelity’s Bitcoin ETF, which saw a 13% increase in shares.

The firm also significantly boosted its holdings in the Grayscale Bitcoin Trust by 110%, alongside investments in smaller ETFs such as Bitwise and Ark 21 Shares.