Michael Saylor asserts that Bitcoin has already formed a bottom, and he emphasizes that the threat from quantum computers has been overly exaggerated. In the future, he plans to focus on promoting a digital credit system and turning Bitcoin into a driver for the capital markets.
“When will the crypto winter end?” Strategy founder and executive chairman Michael Saylor claims that when Bitcoin dipped below $60k in late February this year, it likely had already “completed a bottom.” As for the market’s recent concerns about quantum computers cracking Bitcoin, he believes this is completely “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: whether a bottom has formed depends not on valuations, but on whether “selling pressure has run out.”
Michael Saylor further explains 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 have been steadily growing, continuously and stably 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 circulating supply.
As for the catalyst for the next bull run, Michael Saylor is focusing on a “bank credit” and “digital credit” system built on top of Bitcoin. He expects that in the future, Bitcoin will no longer be only an asset held passively, but one that can support more complex lending and credit activities.
Michael Saylor points out that so-called “digital credit” has already existed for some time—for example, the preferred stock STRC issued by Strategy, with a dividend yield as high as 11.5%. He says that this level of return is actually still far below what the company expects from Bitcoin’s long-term appreciation.
Michael Saylor says that Strategy is working to “turn Bitcoin from a non-yielding asset into a capital markets engine.”
Regarding the quantum computing threat that has been widely discussed recently, Michael Saylor believes that “the risk is being exaggerated.” He notes that the quantum threat is still at the theoretical stage, and it may be decades away from actually happening. 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 reprinted with authorization from: 《BlockBeats》
- Original title: 《Michael Saylor: Bitcoin bottomed out at $60k, quantum threat is unfounded worry》
- Original author: BlockBeats sister MEL
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