Michael Saylor equates Lummis’ BTC bill to ‘Louisiana Purchase’ – Why?

• Saylor likens Lummis’ Bitcoin bill to a “Louisiana Purchase moment” for U.S. crypto adoption.
• Despite Bitcoin’s downturn, Saylor predicts potential long-term gains of up to $49 million per coin.

Amid the recent turmoil in the crypto market, where Bitcoin [BTC] plummeted over 16% in a single day—its steepest decline since the FTX collapse—Michael Saylor, co-founder and chairman of MicroStrategy and a staunch BTC maximalist, has once again made headlines. 

Saylor’s viewpoint on the proposed Bitcoin Reserve bill

In a recent interview with CNBC, when questioned about Bitcoin’s sharp decline and what the next catalyst might be to push BTC out of its slump, Michael Saylor responded, 

“I think the events of Bitcoin 2024 in Nashville a few weeks ago were just very catalytic and marked a very inflation point for Bitcoin. Senator Lummis presented a strategic Bitcoin reserve bill and that’s our ‘Louisiana Purchase’ moment.”

The “Louisiana Purchase” signifies a transformative event, akin to the 1803 deal that doubled U.S. territory.

Saylor’s use of this term for Lummis’ BTC reserve bill suggests it could similarly reshape U.S. Bitcoin adoption and establish the country as a crypto leader. 

Remarking on the same, he added, 

“Thomas Jefferson purchased the Louisiana Territory for $15 million in 1803 and nearly doubled the size of the United States. Bitcoin is scarce, desirable digital property. It’s a great idea to trade a little bit of currency or paper for someplace that billions of people are gonna want to be in 100 years.”

Saylor’s long-standing support for Bitcoin

Well, this isn’t the first time Saylor has shown strong confidence in BTC. Even when the cryptocurrency faced significant bearish pressure, he remained bullish.

Notably, during a highly optimistic keynote speech on 26th July at the Bitcoin 2024 conference, Saylor projected that BTC could reach $13 million per coin by 2045.

Saylor’s forecast indicates that his revised estimate of $10 million for Bitcoin is just a baseline scenario. He suggested, 

“It could be a $3 million bear case, it could be a $49 million bull case.” 

That being said, he concluded by urging attendees to adopt a highly optimistic outlook on Bitcoin’s future. 

​“Triple maxi” Bitcoin bulls could earn a net worth of $214 million by 2045.” 

All in all, Saylor’s strong BTC support is notable as the market digests this significant downturn. 

Bitcoin market trends

As of the latest update, BTC has risen by 1.67% over the past 24 hours, trading around the $57,000 mark as per CoinMarketCap.

Despite this gain, the RSI at 36 indicates that sellers still outweigh buyers.

However, the widening Bollinger Bands signal increased volatility, suggesting that bullish momentum may soon surpass bearish pressure.

Source: Trading View