Strategy’s executive chairman, Michael Saylor, has issued a crucial warning to those expecting the Bitcoin bear market soon.
Speaking to Bloomberg, Saylor stated that the Bitcoin bear market is unlikely to return, at least in the near term. According to him, the asset is not going to $0 but is headed towards $1 million per coin.
Saylor: Winter Is Not Coming Back
Responding to Matt Miller’s question on when Bitcoin’s historically recurring period of massive downside will kick in again, Saylor insisted that the asset has moved beyond that adolescent market phase.
Crypto winter, as it is widely known, is a period typically characterized by a significant drop in Bitcoin prices. As seen historically, it comes on the heels of the bull market, which has correlated with the automated, four-year halving event.
Historically, the Bitcoin bullish cycle could end this year, followed by a correctional bearish phase. Several analysts, including veteran trader Peter Brandt, have already speculated on an incoming dump. However, Saylor suggests that Bitcoin is moving past that phase, arguing that the asset has grown past its “riskiest period.”
Here Are Saylor’s Reasons
Instead of the expected bear market, Saylor predicted a sustained run to $500,000 or $1 million. He highlighted catalysts for this supercycle experience, including growing institutional Bitcoin adoption, scarcity, and regulatory clarity.
The executive chairman noted that United States President Donald Trump’s endorsement of Bitcoin and his efforts to create a favorable environment for the asset have drawn mainstream interest. Meanwhile, banks have begun to leverage this environment to enter the industry, as evidenced by the sector’s growing and increased exposure to Bitcoin.
Furthermore, demand for the scarce asset is off the roof, yet BlackRock’s Robbie Mitchnick revealed that institutional adoption is still in its early stages. Firms like Saylor’s Strategy and Metaplanet are raising millions of dollars to buy Bitcoin, with new Bitcoin treasury firms, such as Trump Media and GameStop, emerging.
Saylor highlighted that these demands are consuming the new $50 million worth of Bitcoin mined every day, with ETFs like BlackRock’s IBIT spurring another dip in supply with their incessant purchases. At this rate, the Bitcoin evangelist noted that the pioneering cryptocurrency would continue to rise from here.
Nonetheless, he acknowledged the need for correction at some point. He stated that Bitcoin may correct by $200,000, but this could only happen after it has already hit the $1 million price mark.
Other Bitcoin-Buying Firms Are No Competition
Meanwhile, Saylor insisted that other firms buying Bitcoin do not pose any threat to Strategy’s Bitcoin model. The executive chairman called the demand for Bitcoin a “digital gold rush,” suggesting he expects the purchases, considering there are only ten years left to buy as much Bitcoin as possible. Recall that miners would mint 99% of all bitcoins by 2035.
Saylor called the competition a virtuous one but noted that some of them focus on different markets, such as Metaplanet in the Tokyo stock market. Ultimately, he stated that these firms are collaborating to raise capital through various strategies to acquire more Bitcoin.
Furthermore, Salyor also squashed calls from legendary short seller Jim Chanos, who advised buying Bitcoin but shorting Strategy’s MSTR stock. He stated that the comments came from a lack of understanding of the firm’s business model.
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