Michael Saylor says bitcoin has likely bottomed, quantum risk overblown

Michael Saylor, executive chairman of Strategy (MSTR), believes bitcoin likely bottomed in early February at $60,000. Speaking at a recent Mizuho event, Saylor reiterated his long-held view that bottoms aren't necessarily about valuations but are driven by seller exhaustion, analysts Dan Dolev and Alexander Jenkins wrote. Trend reversals, he added, are driven more by capital structure and liquidity than by investor sentiment. Saylor now sees limited selling pressure amid growing demand from ETF inflows, which are absorbing daily supply, and companies shifting treasury assets into bitcoin. As for the catalyst for the next bull market, Saylor believes it will be the formation of banking credit and digital credit on top of bitcoin. This will have bitcoin supporting more lending and credit activity beyond simple buy-and-hold demand. Digital credit already exists, said Saylor, in the form of Strategy's STRC preferred stock, whose beefy 11.5% yield remains well below the company's expectation of BTC's long-term appreciation. Strategy is “stretching” bitcoin “from a nonyielding asset into a capital markets engine," he said. On the recently hotly-debated topic of quantum computing, Saylor said the risks are overblown. The threat, he argued, is theoretical, likely decades away, and even then solvable. Mizuho retained its outperform rating on Stategy and $320 price target, suggesting about 150% upside from the current $127. More For You Most crypto privacy models weaken as blockchain data grows. Encryption-based models like Zcash strengthen. CoinDesk Research maps the five privacy approaches and examines the widening gap. Why it matters: As blockchain adoption scales, the metadata available to machine learning models scales with it. Obfuscation-based privacy approaches are structurally degrading as a result. This report provides a comprehensive comparison of all five major crypto privacy architectures and a framework for evaluating which models remain durable as AI capabilities improve. More For You Morgan Stanley’s low-fee bitcoin ETF debuted with strong early trading, signaling demand as competition shifts to cost and distribution. What to know: