"If we run, we are confident we can win in states voting on Super Tuesday and beyond, where we will start on an even footing", advisor Howard Wolfson said.
Bloomberg will have to move quickly in the coming days and weeks to get on the ballot in numerous primary states, including Alabama.
If he does get on the ballot in Alabama, Bloomberg will have to register in other states that have later filing deadlines.
Alabama has the earliest filing deadline among Democratic primary states, with Friday being the last day to do so ahead of its March 3 contest. Axios wrote that Bloomberg "increasingly became concerned that all the leading Democrats have weaknesses Trump could exploit in the general election".
The filing comes because of Alabama's filing deadline, November 8, which gives Bloomberg more time to make his final decision.
Bloomberg has seriously explored running for president at least three times - in 2008 and 2016 as an independent, and earlier this year as a Democrat - but in every case he has opted against mounting a campaign. He endorsed Hillary Clinton in that race and, in a speech at the Democratic Party convention, pummeled Trump as a con who has oversold his business successes.
Bloomberg plunged his efforts - and his money - into gun control advocacy and climate change initiatives.
Because Bloomberg allegedly perceived Warren's progressivism as a threat to American capitalism, and combined with Biden's weak fundraising and polling, he felt the need to announce he is planning to run for president.
"And there's a fear of that among Democratic donors who are more establishment - that they won't be able to be enthusiastic about that candidate".
Pro-Trump groups have already raised more than $300 million USA in 2019 as they prepare for the 2020 election fight.
Elizabeth Warren and Bernie Sanders, beat the more moderate Biden.
The conventional wisdom is that Bloomberg's entry amounts to a snub of Biden. Still, I would have to build a multi-state organization on the go. The New Yorker certainly has greater name recognition than the billionaire who's already running for the Democratic nomination - hello, Tom Steyer - but it's not unreasonable to be skeptical of Bloomberg's chances.
In Arkansas, another Super Tuesday state, a Democratic Party spokesperson said a person representing a "mystery candidate" reached out Thursday afternoon asking about the requirements to join the ballot.
Presented with Mr Bloomberg as a hypothetical entrant into the primary, 32 per cent of Democratic primary voters said they would never vote for him and 6 per cent of Democratic primary voters said they would definitely support him.