Michael Saylor: “I’m Already Planning the $100K Bitcoin Party for New Year’s Eve at My House”

On November 14, Michael Saylor, the co-founder and executive chairman of MicroStrategy (Nasdaq: MSTR), joined CNBC from the Caner Crypto, Digital Assets, and AI Infrastructure Conference in Miami. The discussion kicked off with CNBC host Morgan Brennan addressing the recent surge in Bitcoin’s price, asking Saylor whether the rally was linked to the anticipation of how the new U.S. administration would impact crypto.

Saylor immediately acknowledged that the recent shift in the political landscape, which he referred to as the “Red Wave,” has been a significant development for Bitcoin. He suggested that the change in political leadership was the most positive event for the cryptocurrency market in the past four years. According to Saylor, this shift, combined with supportive voices from Wall Street, notably BlackRock, has created a more favorable environment for Bitcoin’s value proposition.

MicroStrategy recently announced a plan to raise $42 billion to purchase more Bitcoin, which he equates to acquiring every Bitcoin mined over the next three years at a price of $85,000 or more per coin. Saylor emphasized that this bold strategy reflects MicroStrategy’s commitment to its Bitcoin-focused investment thesis and demonstrates their confidence in the ongoing bullish market conditions.

The conversation then turned to regulatory matters, particularly with regard to the new U.S. administration’s potential appointment of a new SEC Chair. Saylor highlighted that while Bitcoin is regulated as a commodity, other cryptocurrencies and crypto-related businesses, including MicroStrategy, fall under the jurisdiction of the SEC. He noted that the appointment of a new SEC Chair is critical for shaping the future of digital assets regulation.

Saylor expects the next SEC Chair to be more aligned with pro-Bitcoin and pro-business policies. He foresees a digital assets framework that would bring an end to what he described as a “war on crypto,” leading to more clarity in the regulatory landscape. He also mentioned that the broader political shift in the U.S., with the House, Senate, and White House all leaning towards pro-crypto policies, bodes well for the future of the industry. However, he refrained from speculating on specific names for the new SEC leadership.

Addressing Bitcoin’s price movement, Saylor expressed confidence that the current rally is far from over. He dismissed the idea that Bitcoin could fall below key levels such as $60,000 or $30,000. Instead, he confidently stated that he expects Bitcoin to continue rising, with a potential to breach $100,000 before the end of the year. Saylor is already planning a celebratory event for when Bitcoin crosses this milestone, hinting at hosting a party on New Year’s Eve.

When pressed on potential risks that could drive Bitcoin’s price lower, Saylor downplayed any significant threats. He indicated that the biggest uncertainty had already been resolved by the results of the November 5th elections. In his view, the political landscape is now settled, with strong support for digital assets from the newly elected officials. As a result, he sees no immediate risks that could derail Bitcoin’s current trajectory.

The final topic of discussion revolved around the idea of a strategic Bitcoin reserve for the United States, which has been proposed by Senator Cynthia Lummis of Wyoming. Saylor drew parallels between this initiative and historical acquisitions by the U.S., such as the purchase of Manhattan, the Louisiana Territory, California, and Alaska. He argued that just as these acquisitions expanded the U.S.’s influence in the physical world, acquiring Bitcoin would establish American dominance in cyberspace.

Saylor views the concept of a Bitcoin reserve as a strategic move that would secure the United States’ control over the global financial system in the digital age. He argued that owning a significant portion of Bitcoin would enable the U.S. to maintain its position as a global economic leader. According to his calculations, adopting this strategy could potentially offset $16 trillion of the national debt, making it not only a strategic but also an economically sound decision.

Featured Image via Pixabay