Saylor Defends Bitcoin Price, Cites Growing Institutional Support

Michael Saylor, founder of Strategy, believes that Bitcoin's current price below $100K is not a reason to worry. He points out that the crypto market has experienced more brutal drawdowns in the past, including a 75% collapse in 2021-2022.

Saylor argues that investors should look beyond short-term price action and focus on long-term trends. He cites the four-year and 200-week moving averages as indicators of Bitcoin's value, rather than relying on daily charts.

The key difference between now and two years ago, Saylor claims, is the increasing institutional support for Bitcoin. The White House, Fed chair, SEC, CFTC, and major banks have all voiced their backing for the cryptocurrency, with about 75% of major banks supporting it in some form.

Saylor also points out that Bitcoin's dominance has increased to around 68%, up from a low of 41%. He compares this to Amazon's struggles in 2010 and Apple's iPhone launch in 2012, arguing that transformative networks often look absurd at first but eventually become widely accepted.