Strategy founder Michael Saylor said that Bitcoin’s lack of positive price response to roughly $2 billion in recent purchases by the firm is a sign of market maturity rather than weakness.
The comments came as the founder reflected on a past misjudgment that has followed him for more than a decade.
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No Move Means Good Move?
Saylor said Bitcoin’s limited reaction to Strategy’s latest buying activity underscores its role as a global capital network rather than a speculative asset.
“I can buy a billion dollars a week for the past two weeks,” Saylor said on the Galaxy Brains podcast.
“The price isn’t paying attention to what I’m doing, right? And that’s good. That’s a good thing.”
According to Saylor, the fact that even large, high-profile purchases fail to move prices meaningfully suggests Bitcoin has reached a level of scale and liquidity that makes it resistant to manipulation.
“It wouldn’t be a stable digital capital network if anybody could influence it,” he added.
Saylor said near-term price action in Bitcoin is driven primarily by leveraged derivatives trading rather than spot market activity.
“The derivatives market, the perpetual market, drives this much more than spot,” he said, adding that much of the capital involved is held by market participants who remain largely anonymous.
Strategy acquired approximately $980.3 million worth of Bitcoin between Dec. 8 and Dec. 14, according to a recent regulatory filing.
As of Dec. 19, Strategy held 671,268 Bitcoin acquired for roughly $50.33 billion, at an average purchase price of $74,972 per Bitcoin.
Massively Bullish on Bitcoin
Despite recent volatility, Saylor reiterated his long-held belief that Bitcoin will continue to appreciate over the long term, framing it as a foundational asset rather than a short-term trade.
“We expect Bitcoin to appreciate 30% a year for the next 20 years,” he said. “That is our risk-free rate.”
That assumption underpins Strategy’s decision to concentrate its resources on accumulating Bitcoin rather than pursuing acquisitions or operating businesses.
“I can acquire the world’s reserve capital network at one times revenue,” Saylor said. “Integration-free, overnight, no questions asked.”
Saylor warned that diversifying away from Bitcoin would introduce unnecessary complexity and risk.
“Bitcoin doesn’t have employees, it doesn’t have management teams, it doesn’t have counterparty risk,” he said.
“Why would I want to go and buy 30 pages of liabilities?”
The “Big Mistake”
Saylor’s remarks followed renewed attention this week to comments he made more than a decade ago questioning Bitcoin’s future.
In 2013, Saylor publicly suggested that Bitcoin’s “days are numbered,” a statement he revisited on social media this week with a brief reply:
“₿ig Mistake.”
The admission highlights a dramatic reversal that began in 2020, when Strategy shifted its balance sheet toward Bitcoin amid concerns about inflation and capital preservation.
Reflecting on that pivot in the interview, Saylor described his early skepticism as a failure to fully grasp Bitcoin’s role as a new form of digital capital.
“It was first an exercise in frustration and desperation,” he said. “Do this or suffer a painful death.”
