Michael Saylor: Bitcoin may have already bottomed out, and the quantum risk has been exaggerated

Biajie News, on April 9, Strategy founder Michael Saylor said that Bitcoin very likely bottomed around the $60,000 level in early February, when traders who were forced to sell were already cleared out of the market. The bottom is determined more by sellers running out than by valuation. He believes current sell pressure is limited; ETF inflows are currently absorbing the daily supply, and corporate treasury asset allocation to Bitcoin also brings ongoing demand. Michael Saylor predicts that the catalyst for the next bull cycle will be the formation of a banking credit and digital credit system built on top of Bitcoin, which would transform Bitcoin from a non-interest-bearing asset into an engine for capital markets. As for the quantum computing threat that has been widely discussed recently, he believes the risk is being exaggerated; the quantum threat still remains at the theoretical level and is very likely to appear only decades from now. Solutions will be available by then as well. Mizuho maintains an outperform rating for Strategy and a $320 price target, representing about 150% upside from the current $127 share price.