Saylor Says Bitcoin Below $100K is a Stepping Stone, Not a Value Play
Bitcoin's price has dropped below $100,000, but Michael Saylor, founder of Strategy, doesn't think it's cheap. He points to five major drawdowns in five years since his firm started buying Bitcoin in August 2020.
Saylor argues that the current slide is not as bad as some people make it out to be. In fact, he says it barely registers compared to a 75% collapse in 2021-2022.
He's more interested in talking about the growth of institutional infrastructure around Bitcoin than the price action itself. He wants investors to think in four-year cycles, ideally ten years or more.
Saylor cites the rise of Bitcoin dominance, which has climbed back to roughly 68%. He also points out that about 100 Bitcoin ETFs now hold more than $100 billion combined, a market that didn't exist before 2024.