Michael Saylor Calls a New Bull Market, Sees Bitcoin Above $100,000

Martian Finance reports that Strategy cofounder and executive chairman Michael Saylor said in an October 14 interview that Bitcoin has bottomed out and is set to reclaim $100,000. The token had found support just below $60,000 before climbing back into the $80,000 range, and further upside looks likely, he said. Saylor credited easing regulatory conditions and accelerating bank adoption of Bitcoin with pushing the market into a new bull cycle. He expects the cryptocurrency's long-term annualized return to reach 20% to 30% over the next several years, and said Strategy may add to its holdings during the rally, issuing additional securities to finance further purchases. Saylor also pushed back on MSCI's consideration of rule changes that could exclude companies whose primary business is asset accumulation from global equity indices, arguing the move would set a damaging precedent for the digital assets industry. MSCI is scheduled to announce its decision Friday. JPMorgan estimated last November that a Strategy exclusion could trigger as much as $2.8 billion in outflows.