Political changes, institutional support, and lower market risks are some of the reasons Michael Saylor believes Bitcoin might surpass $100,000 this year.
Michael J. Saylor Former CEO of MicroStrategy (Source: CryptoNewsZ
- According to MicroStrategy Executive Chairman Michael Saylor, the outcome of the US election will be a significant driver for Bitcoin’s expected year-end price of $100,000.
- Immediately following the US CPI announcement on Wednesday, Bitcoin hit a record high of almost $93,200.
- On Monday, MicroStrategy reported that it has acquired an extra $2.03 billion worth of Bitcoin, bringing its total holdings to 279,420 in the cryptocurrency.
After a big surge earlier this week, Bitcoin witnessed a 1.5% decline in the last day, indicating profit-taking. The Bitcoin had surged above $93,000, reaching a high of $93,850 before experiencing selling pressure.
In an interview with CNBC on Friday, Saylor declared that he would throw a party at his house on New Year’s Eve, anticipating that Bitcoin will hit a record high. He said it is doubtful that Bitcoin will fall below $60,000, dismissing worries about potential dangers that could push it back to $30,000.
“From here, I believe it will continue to rise. The $100,000 party that I’m organizing will most likely take place at my house on New Year’s Eve. Therefore, if we don’t reach $100,000 in November or December, I’d be shocked,” Saylor said.
The Case for Bitcoin Is Strengthened by Sovereign Adoption
Image: Paradigm’s co-founder Matt Huang
In a different case, Paradigm co-founder Matt Huang recently said in a blog post that one of the main reasons for the adoption of Bitcoin is its increasing legitimacy among sovereign states.
Huang recalled Paradigm’s initial optimism about Bitcoin’s prospects in 2018, when the price was just $4,000. There was skepticism at the moment about whether or not sovereign governments would embrace Bitcoin.
Let’s fast-forward to the present: El Salvador is among the countries that have included Bitcoin in its reserves. The sovereign wealth fund of Abu Dhabi has started mining Bitcoin.
Huang highlighted suggestions for a Strategic Bitcoin Reserve in the United States, demonstrating the growing support among policymakers. Prediction platforms estimate a 30% chance of such a reserve being codified.
Goldman Sachs Increases Its Exposure to Bitcoin
Source: Banking Frontiers
In related news, institutional interest in Bitcoin has risen, as seen by Goldman Sachs’ increased involvement in Bitcoin exchange-traded funds. In a recent SEC filing, the investment bank disclosed $710 million in Bitcoin ETF exposure, placing it among the largest investors of these securities. This represents a 70% increase over the previous quarter’s $418.65 million exposure.
