MicroStrategy's MSTR Executive Chairman Michael Saylor commented on the impact of the 2024 election on Bitcoin BTC/USD prices, pointing out the pro-crypto stance of the Trump campaign.
What Happened: In his latest appearance on CNBC, Saylor highlighted that by adopting a Bitcoin strategy, his company has been able to beat every single company in the S&P 500.
Saylor also commented on the impact of the 2024 election on the digital asset industry, saying, "There's no doubt the Republicans have taken a very pro-crypto stance […] Trump in particular." He went on to say that the Republicans have taken a progressive stance while "Democrats are drifting to the middle," Coindesk reported.
Saylor declined to comment on the role of SEC Chairman Gary Gensler role in a potential Harris administration.
Price Action: Bitcoin is up 2.2% over the past 24 hours, trading around $56,700 at the time of writing.
Why It Matters: Saylor reaffirmed his prediction that Bitcoin will account for 7% of global capital or a price of $13 million over the upcoming 20 years. Currently, it accounts for 0.1% of the global capital.
Saylor also highlighted the volatile nature of Bitcoin trading, which has seen prices decline amid ETF outflows.
Since Bitcoin is the "most liquid, fungible free capital market" in the world, this only adds to demand, according to Saylor.
On Monday, Bernstein analysts predicted that Bitcoin would rally to $90,000 if Donald Trump wins the election and could plunge to $40,000 in case Vice President Harris emerges victorious.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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