Michael Saylor asserts that Bitcoin has already finished bottoming out, and emphasizes that the threat from quantum computers has been 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 this ‘crypto winter’ last?” Strategy founder and executive chairman Michael Saylor claims that when Bitcoin dipped below $60,000 this February, it likely had already “finished bottoming out.” As for the market’s recent concerns about quantum computers cracking Bitcoin, he believes this is completely “overblown panic.”
According to the latest report published by Mizuho analysts Dan Dolev and Alexander Jenkins, Michael Saylor recently reiterated at a financial event held by Mizuho: the key to whether a bottom has formed does not depend on whether valuations are high or low, but on whether “selling pressure has been fully 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 the current level of selling pressure in the market is already quite limited. On the one hand, Bitcoin spot ETF inflows have been growing steadily, 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 amount of tradable market supply.
As for the catalyst for the next bull run, Michael Saylor focuses on the “bank credit” and “digital credit” systems built on top of Bitcoin. He expects that in the future, Bitcoin will no longer be just a passively held asset, but an asset that can support more complex borrowing and credit activities.
Michael Saylor pointed out that so-called “digital credit” already exists—for example, the preferred shares STRC issued by Strategy, with a dividend payout ratio as high as 11.5%. He said that such a level of return is still far lower than what companies expect from Bitcoin’s long-term upside potential.
Michael Saylor said that 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 hotly debated recently, Michael Saylor believes that “the risk is being exaggerated.” He noted that the quantum threat is still at the theoretical stage, and could be decades away from actually happening. Even if challenges do arise in the future, developers will inevitably be able to address them through technical upgrades by then.
Mizuho maintains an “outperform the market” investment rating for Strategy, with a target price of $320, representing about 150% upside from the current stock price of $127.
- This article is reprinted with authorization from: 《BlockBeats》
- Original title: 《Michael Saylor: Bitcoin already bottomed at $60k, quantum fears are unfounded》
- Original author: BlockBeats MEL
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