Market in excessive panic? MicroStrategy founder: Bitcoin has already bottomed out, and the quantum threat is an overblown worry

Michael Saylor asserts that Bitcoin has already completed its bottoming process and emphasizes that the threat from quantum computers has been overhyped. In the future, he plans to focus on promoting a digital credit system and turning Bitcoin into a driver for the capital markets.

“How long will the crypto winter last?” Strategy founder and Executive Chairman Michael Saylor claims that when Bitcoin dipped to around $60,000 in late February this year, it likely had already “completed its bottom.” As for the market’s recent concerns about quantum computers cracking Bitcoin, he believes this is nothing but “panic.”

According to the latest report released by Mizuho analysts Dan Dolev and Alexander Jenkins, Michael Saylor recently reiterated at a financial event hosted by Mizuho: the key to forming a bottom 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 that current market sell pressure is already quite limited. On the one hand, Bitcoin spot ETF inflows are steadily growing and steadily absorbing the daily increase in supply. On the other hand, more and more companies are starting to convert reserve assets into Bitcoin, further tightening the market’s available float.

As for the catalyst for the next bull run, Michael Saylor is looking at a “bank credit” and “digital credit” framework built on top of Bitcoin. He expects that in the future, Bitcoin will no longer be only a passively held asset, but one that can support more complex borrowing and credit activities.

Michael Saylor noted that so-called “digital credit” has already existed for a long time—for example, the STRC preferred stock issued by Strategy, with a dividend payout rate as high as 11.5%. He said that this level of yield is still far below what companies expect from Bitcoin’s long-term appreciation potential.

Michael Saylor said that Strategy is working to “turn Bitcoin from a non-yielding asset into a capital markets engine.”

Regarding the recent, widely discussed threat of quantum computing, Michael Saylor believes the “risk has been exaggerated.” He pointed out that the quantum threat is still at the theoretical stage, and it may be decades before it becomes a real, practical issue. Even if challenges do arise in the future, developers will certainly be able to resolve them through technical upgrades.

Mizuho maintains an “outperform the market” investment rating for Strategy, with a target price of $320—about 150% upside from the current share price of $127.

• This article is reproduced with authorization from: 《Blockman》 《Blockman》
• Original title: 《Michael Saylor: Bitcoin hit its bottom at $60,000, and the quantum threat is mere worry》 《Michael Saylor: Bitcoin reached its bottom at $60,000; the quantum threat is unwarranted worry》
• Original author: Block Sister MEL 《Block Sister MEL》