Market panic too much? MicroStrategy founder: Bitcoin has hit bottom, quantum threats are unfounded worry

Michael Saylor asserts that Bitcoin has already formed a bottom, stressing that the threat from quantum computers has been exaggerated, and that in the future he will focus on pushing a digital credit system—turning Bitcoin into an engine for the capital markets.

“When will the crypto winter finally end?” Strategy founder and Executive Chairman Michael Saylor believes that when Bitcoin fell to $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 says it’s entirely “panic overblown.”

According to a 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 the formation of 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—not led by investors’ emotions.

Looking ahead, Michael Saylor believes that current market sell pressure is already quite limited. On one hand, Bitcoin spot ETF inflows continue to grow, steadily absorbing the daily increase in supply; on the other, 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 focusing 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 something that can support more complex borrowing and credit activities.

Michael Saylor pointed out that so-called “digital credit” already exists—such as the preferred stock STRC issued by Strategy, with a dividend yield as high as 11.5%. He said that this level of returns 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 an engine for the capital markets.”

Regarding the quantum computing threat that has been widely discussed recently, Michael Saylor believes that “the risk has been exaggerated.” He noted that the quantum threat is still at the theoretical stage and that it may be decades away from becoming a real-world event. Even if challenges do arise in the future, developers will inevitably be able to address 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: 《BlockGeek》
• Original title: 《Michael Saylor: Bitcoin hit the bottom at $60k; quantum threat is unfounded worries》
• Original author: Block-brother MEL