Michael Saylor: Bitcoin May Have Bottomed Out, Quantum FUD Overblown

BlockBeats News, April 9th, according to CoinDesk, Strategy founder Michael Saylor stated that Bitcoin most likely bottomed around $60,000 in early February, and traders who were forced to sell at that time have been washed out of the market. The bottom is more driven by seller exhaustion rather than valuation. He believes the current selling pressure is limited, with ETF inflows absorbing daily supply, and corporate treasury asset allocation to Bitcoin also bringing sustained demand.

Michael Saylor predicts that the catalyst for the next bull market will be the formation of a banking credit and digital credit system built on Bitcoin, which will transform Bitcoin from a non-interest-bearing asset to a capital market engine. Regarding the recent debate on the threat of quantum computing, he believes the risk is exaggerated, the quantum threat is still theoretical and likely won't materialize until decades later. By then, there will also be solutions. Mizuho maintains its outperform rating on Strategy and a target price of $320, representing about 150% upside from the current stock price of $127.