Michael Saylor asserts that Bitcoin has already formed a bottom and emphasizes that the threat from quantum computers has been exaggerated. In the future, he will focus on promoting a digital credit system—turning Bitcoin into a catalyst for capital markets.
When will the “crypto winter” finally end? Strategy founder and Executive Chairman Michael Saylor believes that when Bitcoin dipped to $60k in late February this year, it likely had already “completed bottoming.” As for the market’s recent concerns about quantum computers cracking Bitcoin, he says this is nothing more than “panic.”
According to a new report released by Mizuho analysts Dan Dolev and Alexander Jenkins, Michael Saylor recently reiterated at a financial event hosted by Mizuho: the key to whether a bottom has formed 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—not led by investors’ sentiment.
Looking ahead, Michael Saylor believes that current market selling pressure is already quite limited. On the one hand, Bitcoin spot ETF inflows are continually growing, 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 toward a “bank credit” and “digital credit” system built on top of Bitcoin. He expects that in the future, Bitcoin will no longer be just a passively held asset, but something that can support more complex borrowing and credit activities.
Michael Saylor points out that so-called “digital credit” already exists—for example, the preferred stock STRC issued by Strategy, with a dividend yield as high as 11.5%. He says that this level of returns is still far below companies’ expectations for Bitcoin’s long-term appreciation potential.
Michael Saylor says Strategy is working to “turn Bitcoin from a non-yielding asset into a catalyst for capital markets.”
Regarding the quantum computing threat that has recently been widely discussed, Michael Saylor believes that “the risk is being exaggerated.” He notes that the quantum threat is still in the theoretical stage and could be decades away from becoming a real-world occurrence. Even if challenges do arise in the future, developers will inevitably be able to address them through technical upgrades.
Mizuho maintains an “outperform” investment rating for Strategy, with a target price of $320—about 150% upside from the current $127 share price.
- This article is reproduced with permission from: 《BlockBeats》
- Original title: 《Michael Saylor: Bitcoin hit its bottom at $60k, quantum fears are unfounded》
- Original author: BlockBeats Junior Sister MEL
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