We're going to see a lot more pro-Bitcoin policies, says MicroStrategy's Michael Saylor
#michaelsaylor #bitcoin #crypto !summarize
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We're going to see a lot more pro-Bitcoin policies, says MicroStrategy's Michael Saylor
#michaelsaylor #bitcoin #crypto !summarize
Part 1/4:
The Crypto Boom: Micro Strategy's Ambitious Bitcoin Acquisition Plan
Michael Saylor, Co-Executive Chairman of Micro Strategy, joins the show to discuss the company's bold move to acquire over $42 billion worth of Bitcoin and the broader implications for the cryptocurrency market.
The Red Wave and Wall Street's Embrace of Bitcoin
The recent surge in Bitcoin's price has been driven by a confluence of factors, according to Saylor. He attributes the "red wave" - the Republican party's strong performance in the 2020 elections - as a significant catalyst, as it signals a more crypto-friendly regulatory environment under the incoming Trump administration.
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Part 2/4:
Saylor also highlights the growing support from Wall Street, with BlackRock being a "very strong voice" in articulating the value proposition of Bitcoin. Moreover, Micro Strategy's own announcement on October 30th to raise $42 billion to purchase Bitcoin has sent a powerful message to the market, effectively signaling the company's intention to acquire every Bitcoin mined over the next three years at a price of $85,000 or more.
The Importance of the SEC Chair Appointment
Saylor emphasizes the pivotal role the next SEC chair will play in shaping the digital assets industry. He expects a more pro-Bitcoin and pro-crypto regulatory framework under the new administration, with the SEC leading the charge. While Saylor refrains from speculating on the specific individual who will take the helm, he is confident that the House, Senate, and White House are all "very pro-crypto," suggesting a supportive SEC chair is likely.
Micro Strategy's Ambitious Bitcoin Acquisition
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Part 3/4:
Saylor is bullish on Bitcoin's price trajectory, forecasting that it will surpass the $100,000 mark by the end of 2021. He dismisses the possibility of a significant price drop, such as a return to the $30,000 level, and is instead planning a "100K party" at his house, likely on New Year's Eve.
The Potential for a Strategic Bitcoin Reserve
Saylor welcomes the idea of a strategic Bitcoin reserve established by the U.S. government, drawing parallels to the country's historical territorial acquisitions. He believes that owning "cyberspace" through Bitcoin is the next logical step for the United States, as it would cement the country's control over the future world reserve capital network. Saylor sees Senator Loomis' proposed bill as a positive development that could make this a reality.
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Part 4/4:
Overall, Saylor's bullish outlook on Bitcoin and Micro Strategy's aggressive Bitcoin acquisition strategy underscore the growing institutional embrace of cryptocurrency as a legitimate asset class with significant long-term potential.