Key Points
- MicroStrategy CEO Michael Saylor anticipates Bitcoin reaching $100,000 by year’s end.
- He attributes Bitcoin’s bull run to the 2024 U.S election outcome and the dominance of the Republican party.
Michael Saylor, CEO of MicroStrategy, has predicted that Bitcoin will reach a value of $100,000 before the year is out.
He believes that the recent U.S. election results have had a significant impact on Bitcoin’s trajectory over the past four years.
Bitcoin’s Bull Run and Future Predictions
During a CNBC interview on November 14, Saylor revealed plans for a New Year’s Eve celebration in anticipation of Bitcoin hitting an all-time high of $100,000.
He expressed confidence that Bitcoin would not drop below $60,000 and anticipated an upward trend.
Saylor stated, “I think it’s going to go up from here. I’m planning the $100,000 party and I’m thinking it’s probably going to be New Year’s Eve at my house.”
Bitcoin recently achieved a new all-time high of over $93,400 following the release of the U.S. CPI report on November 13.
At present, Bitcoin is trading at around $89,083, after a slight decrease of 1.7% in the last 24 hours.
Political Influence on Bitcoin’s Performance
Saylor credits the ongoing Bitcoin bull run to the election of President Trump and the Republican party’s control over the House of Representatives and Congress.
He stated that the political shift was a significant event for Bitcoin in the past four years.
Following Trump’s confirmation as President-Elect, Bitcoin reached an all-time high of $75,000.
The rise in Bitcoin’s value also saw a positive impact on other cryptocurrencies like Ethereum (ETH), Solana (SOL), and meme coins such as cat in a dogs world (MEW) and Peanut (PNUT).
Saylor believes this is a bullish sign for digital assets and anticipates an increase in pro-Bitcoin policies and a more supportive framework for digital assets.
According to Stand With Crypto, 272 pro-crypto candidates, mostly Republicans, have been elected into the House of Representatives.
On November 11, Saylor announced that MicroStrategy had invested an additional $2.03 billion in Bitcoin (BTC), bringing their total holdings to 279,420 tokens.
MicroStrategy currently holds the largest Bitcoin Reserve owned by a company.