- Saylor likens Lummis’ Bitcoin note to a “Louisiana buying moment” for cryptocurrency adoption in the US.
- Despite Bitcoin’s downturn, Saylor predicts potential long-term profits of up to $49 million per coin.
Amid the recent turmoil in the crypto market, where Bitcoin [BTC] plunging more than 16% in a single day – the steepest drop since the FTX collapse – Michael Saylor, co-founder and chairman of MicroStrategy and an avid BTC maximalist, has made headlines again.
Saylor’s position on the proposed Bitcoin Reserve bill
In a recent one interview When Michael Saylor was asked with CNBC about Bitcoin’s sharp decline and what could be the next catalyst to push BTC out of its slump, he responded:
“I think the events of Bitcoin 2024 in Nashville a few weeks ago were very catalytic and marked a very inflationary point for Bitcoin. Senator Lummis presented a strategic Bitcoin reserve account and that is our ‘Louisiana Purchase’ moment.”
The “Louisiana Purchase” represents a transformative event, similar to the 1803 deal that doubled America’s territory.
Saylor’s use of this term for Lummis’ BTC reserve account suggests that it could similarly revolutionize Bitcoin adoption in the US and establish the country as a crypto leader.
While making the same comment on this, he added:
“Thomas Jefferson purchased the Louisiana Territory in 1803 for fifteen million dollars, nearly doubling the size of the United States. Bitcoin is a scarce, desirable digital asset. It’s a great idea to exchange a little bit of money or paper for a place where billions of people want to be in a hundred years.”
Saylor’s Longtime Support for Bitcoin
Well, this isn’t the first time Saylor has shown strong faith in BTC. Even when the cryptocurrency faced significant bearish pressure, it remained bullish.
Notably, during a highly optimistic keynote speech on July 26 at the Bitcoin 2024 conference, Saylor predicted that BTC could reach $13 million per coin by 2045.
Saylor’s forecast indicates that his revised estimate of $10 million for Bitcoin is just a base case. He proposed,
“It could be a $3 million bear case, it could be a $49 million bull case.”
That said, he concluded by calling on those present to adopt a very optimistic view of Bitcoin’s future.
“Triple maxi” Bitcoin bulls could earn a net worth of $214 million by 2045.”
Overall, Saylor’s strong support for BTC is notable as the market digests this significant downturn.
Bitcoin Market Trends
According to the latest update, BTC is up 1.67% in the last 24 hours and was trading around $57,000. CoinMarketCap.
Despite these gains, the RSI of 36 indicates that sellers still outweigh buyers.
However, the widening Bollinger Bands indicate increased volatility, suggesting that bullish momentum could soon outweigh bearish pressure.
Source: trading view