Market is overly panicked? MicroStrategy founder: Bitcoin has already hit bottom, and the quantum threat is needless worry

Michael Saylor asserts that Bitcoin has already finished forming a base, and emphasizes that the threat from quantum computers has been greatly exaggerated. In the future, he says he will work to promote a digital credit system and turn Bitcoin into an engine for the capital markets.

“How long will this ‘crypto winter’ last?” Strategy founder and executive chairman Michael Saylor believes that when Bitcoin dipped to 60,000 in early February this year, it very likely had already “completed building a base.” As for the market’s recent worries about quantum computers cracking Bitcoin, he argues that it is entirely “panic that’s been blown way out of proportion.”

According to the latest report released by Mizuho Securities 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 a matter of whether valuations are high or low, but whether “selling pressure has exhausted.”

Michael Saylor further explained that trend reversals are often driven by changes in capital structure and liquidity, rather than being led by investors’ emotions.

Looking ahead, Michael Saylor believes that current market selling pressure is already quite limited. On one hand, inflows into Bitcoin spot ETFs continue to grow, steadily absorbing the amount of new supply added each day. On the other hand, more and more companies are starting to convert reserve assets into Bitcoin, further tightening the amount of freely tradable market supply.

As for the catalyst for the next bull run, Michael Saylor turns his attention to a “bank credit” and “digital credit” system built on top of Bitcoin. He expects that in the future, Bitcoin will no longer be just an asset held passively, but one that can support more complex borrowing and credit activities.

Michael Saylor points out that so-called “digital credit” has long existed—for example, the preferred stock STRC issued by Strategy, with a dividend payout rate as high as 11.5%. He says that this kind of return level is actually still far below what the company expects regarding Bitcoin’s long-term appreciation.

Michael Saylor says Strategy is working to “turn Bitcoin from a non-yielding asset into an engine for the capital markets.”

Regarding the quantum computing threat that has been heavily discussed recently, Michael Saylor believes that “the risk has been exaggerated.” He notes that quantum threats are still at the theoretical stage today, and that it could be decades before they actually materialize. Even if challenges do arise in the future, developers will certainly be able to resolve them through technical upgrades by then.

Mizuho maintains an investment rating of “Outperform the Market” for Strategy, with a target price of $320, representing roughly 150% upside from the current share price of $127.

• This article is republished with authorization from: 《Blockcast》
• Original title: 《Michael Saylor: Bitcoin has hit its bottom at $60k; quantum threats are a non-issue》
• Original author: Block Meimei MEL