Headline: Michael Saylor: Bitcoin likely bottomed at $60K, quantum fears “overblown” — next bull run will be fueled by bitcoin-based credit
MicroStrategy (MSTR) executive chairman Michael Saylor told a recent Mizuho event that bitcoin likely found its floor in early February around $60,000, according to analysts Dan Dolev and Alexander Jenkins. Saylor argued that market bottoms are less about valuation and more about seller exhaustion — and that the current setup points to limited near-term selling pressure.
Why Saylor sees the bottom
- Bottoms are driven by the exhaustion of sellers, not by price metrics alone, Saylor said. Trend reversals, he added, are shaped more by capital structure and liquidity than by investor sentiment.
- Growing ETF inflows are soaking up daily bitcoin supply, and more corporations are moving treasury assets into bitcoin, both of which reduce immediate selling pressure.
What could spark the next bull market
Saylor believes the next major upswing will come as banking credit and digital credit layers are built on top of bitcoin — enabling lending and broader credit activity that goes beyond simple buy-and-hold demand. He pointed to an existing example within MicroStrategy: its STRC preferred stock, which yields about 11.5% and illustrates how the company is “stretching” bitcoin “from a nonyielding asset into a capital markets engine.”
On quantum computing risk
Addressing concerns about quantum computers breaking bitcoin’s cryptography, Saylor dismissed the danger as overblown. He called the threat largely theoretical, likely decades away, and solvable if it becomes practical.
Analyst take
Mizuho kept an outperform rating on MicroStrategy and a $320 price target, which the firm says implies roughly 150% upside from the present $127 share price cited in their note.
Bottom line
Saylor’s view blends macro liquidity dynamics with a vision of bitcoin as the foundation for new credit products. If ETF demand and corporate treasury allocations continue to absorb supply — and if bitcoin-native credit markets emerge — the conditions for a sustained bull market could be building, he argues.
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