数链先行
06/17 17:40
Michael Saylor reveals key reason for Bitcoin's crash
Michael Saylor used a high-profile appearance at BTC Prague to address two separate issues at once: criticism over Strategy's (Nasdaq: MSTR) recent Bitcoin sale, and his own theory for why Bitcoin has been lagging this year.
Speaking with Natalie Brunell, the Strategy co-founder and executive chairman confronted critics who pointed out the apparent contradiction between his long-standing message to retail investors and the company's decision to sell 32 Bitcoin in late May.
Related: Economist who predicted 2008 crash reveals next Bitcoin target
Saylor explains Strategy's Bitcoin math
Saylor said, "I got very famous for saying you do not sell your Bitcoin to the plebs." But he clarified that the advice was aimed at individual holders, not at how a Bitcoin treasury company should operate.
Strategy, he said, exists to create Bitcoin-backed credit, not to function as a static holding vehicle.
"We have become the biggest holder of Bitcoin in the world and we're the biggest buyer of Bitcoin in the world," Saylor said. "And that will continue as long as we act rationally."
He argued that demonstrating a willingness to sell Bitcoin when necessary is what allows Strategy to keep servicing its preferred dividends and maintain credibility with credit investors. Without that flexibility, he said, "the business model is broken."
Saylor also addressed concerns that recent capital raises were diluting Bitcoin per share. He said the company is "dynamically balancing growth versus risk," accepting short-term dilution in exchange for long-term balance sheet strength and a greater ability to issue credit and acquire more Bitcoin over time.
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The 'AI summer' theory
Saylor also offered an explanation for Bitcoin's broader underperformance this year. He pointed to massive AI fundraising rounds at companies like OpenAI, Anthropic, SpaceX, Alphabet, and Meta as the primary force pulling capital away from Bitcoin.
Saylor estimated that 1%-2% of Bitcoin's capital outflow was being absorbed by the AI fundraising wave, which he described as a temporary 12-to-24-week cycle. He expects that capital to rotate back into Bitcoin once lockups expire and early AI investors realize their gains.
"Toward the end of the year, we should see a reversal trend," Saylor predicted.
Citing the growth of Bitcoin-backed credit and yield products, he called 2026 "the most exciting year in the history of Bitcoin."
Related: Ex-Trump advisor unveils new Bitcoin price target
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