Key Points
- Michael Saylor compares Senator Lummis’ proposed Bitcoin Reserve bill to the “Louisiana Purchase”, predicting it could reshape U.S. crypto adoption.
- Saylor maintains his bullish stance on Bitcoin, even projecting potential long-term gains of up to $49 million per coin.
Michael Saylor, co-founder and chairman of MicroStrategy and a staunch supporter of Bitcoin, has once again grabbed attention in the midst of the recent crypto market turmoil.
Saylor’s Views on the Bitcoin Reserve Bill
In an interview with CNBC, Saylor was asked about Bitcoin’s steep decline and the potential catalysts for a recovery. He responded by highlighting the recent Bitcoin 2024 event in Nashville and the proposed Bitcoin Reserve bill by Senator Lummis, which he likened to the “Louisiana Purchase”.
The “Louisiana Purchase” in 1803 was a transformative event that doubled the size of the U.S. Saylor believes that Lummis’ Bitcoin Reserve bill could have a similar impact on U.S. crypto adoption and establish the country as a leader in the crypto space.
Saylor’s Consistent Support for Bitcoin
Saylor has been a consistent supporter of Bitcoin, maintaining his bullish stance even during periods of significant bearish pressure. During a keynote speech at the Bitcoin 2024 conference, he projected that Bitcoin could reach $13 million per coin by 2045.
He suggested that his revised estimate of $10 million for Bitcoin was just a baseline scenario, with a bear case of $3 million and a bull case of $49 million.
Despite the recent downturn in the crypto market, Saylor’s strong support for Bitcoin remains notable.
The latest update shows that Bitcoin has risen by 1.67% over the past 24 hours, trading around the $57,000 mark. However, with an RSI at 36, sellers still outweigh buyers. Nevertheless, the widening Bollinger Bands signal increased volatility, suggesting that bullish momentum may soon surpass bearish pressure.
