Michael Saylor asserts that Bitcoin has already completed its bottoming process, and he emphasizes that the threat from quantum computers has been overly exaggerated. In the future, he says he will focus on promoting a digital credit system, turning Bitcoin into an engine for the capital markets.
“How long will the ‘crypto winter’ last?” Strategy founder and executive chairman Michael Saylor says that when Bitcoin dipped below $60k in late February this year, it likely had already “completed its bottoming.” As for recent market concerns about quantum computers cracking Bitcoin, he believes it is all just “overreaction.”
According to the latest report issued by Mizuho analysts Dan Dolev and Alexander Jenkins, Michael Saylor recently reiterated at a financial event hosted by Mizuho that the key to a bottom forming is not whether valuations are high or low, but whether “selling pressure has been exhausted.”
Michael Saylor further explained that trend reversals are often driven by changes in capital structure and liquidity, rather than being led by investors’ sentiment.
Looking ahead, Michael Saylor believes current market selling pressure is already quite limited. On one hand, Bitcoin spot ETF inflows have continued to grow, steadily absorbing the daily increase in supply. On the other hand, more and more companies have begun converting reserve assets into Bitcoin, further tightening the amount of tradable market supply.
As for the catalyst for the next bull market, Michael Saylor’s focus is on building a “bank credit” and “digital credit” system on top of Bitcoin. He expects that in the future, Bitcoin will no longer be merely a passively held asset, but one that can support more complex borrowing and credit activities.
Michael Saylor points out that the so-called “digital credit” already exists—for example, STRC preferred stock issued by Strategy with a dividend yield as high as 11.5%. He says that this level of return is still far below expectations for the company’s long-term upside potential from Bitcoin appreciation.
Michael Saylor says Strategy is working to “turn Bitcoin from a non–interest-bearing asset into an engine of the capital markets.”
Regarding the recent and widely discussed threat of quantum computing, Michael Saylor believes that “the risk is being overstated.” He notes that the quantum threat is still at the theoretical stage and may not become a real-world issue for decades, and even if challenges do arise in the future, developers will inevitably be able to address them through technological upgrades.
Mizuho maintains an “outperform the market” investment rating for Strategy, with a target price of $320, implying roughly 150% upside from the current share price of $127.
- This article is reprinted with permission from: 《BlockBeats》
- Original title: 《Michael Saylor: Bitcoin already hit a bottom at $60k, and quantum fears are overblown》
- Original author: BlockMei MEL
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