MicroStrategy’s executive chairman, Michael Saylor, has weighed in on the potential impact of the 2024 US Presidential election on Bitcoin’s price, suggesting a significant surge tied to a Republican victory. During a recent CNBC appearance, Saylor emphasized the pro-crypto stance of the Republican party, particularly highlighting Donald Trump’s stance on the digital asset. He believes the GOP’s progressive approach to cryptocurrency contrasts sharply with the Democrats’ more moderate position.
Saylor, whose company has famously adopted a Bitcoin-centric strategy, pointed out that MicroStrategy’s Bitcoin strategy has consistently outperformed every company within the S&P 500 index. He reinforced his longstanding prediction that Bitcoin will eventually account for 7% of global capital, translating to a price of $13 million per coin within the next two decades. Currently, Bitcoin represents only 0.1% of global capital.
While acknowledging the inherent volatility of Bitcoin, Saylor argues that its status as the world’s most liquid and fungible free capital market fuels demand. Notably, Bernstein analysts have projected a rally to $90,000 for Bitcoin should Trump win the election, while a victory for Vice President Kamala Harris could send prices plummeting to $40,000.
Saylor’s predictions, coupled with Bernstein’s analysis, underscore the growing influence of the 2024 election on the cryptocurrency landscape. The upcoming Benzinga Future of Digital Assets event on November 19 will delve deeper into the evolving role of Bitcoin as an institutional asset class.
