Michael Saylor, the pro-bitcoin executive chairman of Microstrategy (Nasdaq: MSTR), delved into BTC's trajectory and the cryptocurrency industry's future
Pro-bitcoin executive chairman of Microstrategy (Nasdaq: MSTR), Michael Saylor, shared his optimism for BTC's trajectory and the cryptocurrency industry's future in an interview with CNBC last week. He highlighted a convergence of factors that are boosting optimism, including political developments and support from Wall Street.
“We're also getting a lot of very constructive support from Wall Street,” Saylor said, adding that “Blackrock has been a very, very strong voice articulating the bitcoin value proposition.” He further noted that Microstrategy announced on Oct. 30 that it will raise $42 billion to buy bitcoin. “That's the same as saying we're going to buy every bitcoin mined for the next three years at $85,000 or more bitcoin,” Saylor explained, emphasizing that “there's a lot of bullish things going on in the market right now.”
On the topic of regulation, Saylor discussed the crucial role of leadership at the U.S. Securities and Exchange Commission (SEC), describing it as “probably the most pivotal role in the entire digital assets industry.” He expressed optimism that a pro-bitcoin SEC chair could lead to significant changes, including the establishment of “a digital assets framework” and the potential to “end the war in crypto.”
The Microstrategy chairman also shared his confidence in bitcoin's price performance, dismissing the possibility of a drop below $30,000. “I don't think it's going to $60K. It's not going to $30K. I think it's going to go up from here. I'm planning the $100K party and I'm thinking it's probably going to be New Year's Eve at my house,” he stated, adding that “I would be surprised if we don't go through $100K in November or December.”
Regarding the potential for the U.S. to adopt bitcoin as a national reserve, Saylor expressed support for Senator Cynthia Lummis' proposal for a U.S. strategic bitcoin reserve, highlighting its potential to bolster the nation's economic leadership. “I think it's a great idea. I think it will happen. And I think it's essential to the United States … Senator Lummis' bill will offset $16 trillion of our debt, according to my models right now. So, I think it's economically wise. It's technically wise,” Saylor explained.
Discussing Microstrategy's rapid bitcoin acquisitions, he disclosed that “all of our investors tell me, they want me to buy more bitcoin. They want me to raise capital to buy bitcoin. And their number one concern was: ‘Are you going to stop issuing equity to buy bitcoin?'” He added that “we were actually addressing their concerns.”
“We did raise $2 billion to buy 27,200 bitcoin just in the first 10 days of November. So we're moving fairly aggressively on it. I think our exact rate will be a function of the capital markets but right now they've been very enthusiastic. So, our plan is three years, but it's possible we'll do it much before then,” he concluded.
