Strategy's Michael Saylor told Bloomberg that bitcoin bottomed just under $60,000 and will return above $100,000. Bitcoin trades near $83,900, while prediction markets give a $100K target 27% odds. Strategy also awaits an MSCI ruling due by Oct. 16.
Michael Saylor says the bitcoin low is behind us. The Strategy executive chairman told Bloomberg Television on Oct. 13 that bitcoin is at the beginning of a bull market and will move back above $100,000.
Saylor places the bottom just under $60,000
According to Saylor: "We hit the bottom around slightly below $60,000." He gave no date for the $100,000 call, but said he expects bitcoin to grow 20% to 30% a year over the next two decades.
Saylor said trade, foreign and monetary policy weighed on the price earlier in the cycle. He listed four forces now pushing the other way: a favorable regulatory environment, accelerating bank adoption, the growth of tokenized securities and strengthening digital credit networks.
He also noted that bitcoin briefly slipped below its 200-week moving average before bouncing back to a 25% premium.
Strategy says selling is not the plan
The interview also covered Strategy's decision to sell bitcoin this year. Saylor said the first sale of 32 BTC drew a strong reaction, while later sales of thousands of coins did not stop the market from rising. He argued Strategy should be viewed as a structured finance company that moves among equity, cash, credit and bitcoin as conditions change.
Saylor said selling is not the plan going forward and that he expects the company to keep adding bitcoin by issuing more credit-type securities. Strategy now holds 848,250 BTC after a 250 BTC purchase disclosed on Oct. 12.
Market odds and an MSCI test
Bitcoin was trading near $83,900 earlier today, and prediction markets give a $100K target 27% odds.
Strategy also faces a separate test this week. MSCI will announce by Oct. 16 whether it will adopt new eligibility rules that could push Strategy out of its global equity indexes. JPMorgan has estimated that roughly $2.8 billion in flows could be at risk if Strategy is excluded.
Source: Bitcoin News
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