Saylor Claims $60K Was the Floor, Quantum Scare Is Just FUD for Nerds

Michael Saylor, executive chairman of Strategy (MSTR), apparently looked at the charts one morning, said "that's the bottom," and now thinks bitcoin probably hit its floor in early February at $60,000. Speaking at a recent Mizuho event, Saylor doubled down on his long-standing belief that bottoms aren't really about valuations—they're about when sellers finally run out of steam and go touch grass. Trend reversals, he added, are driven more by capital structure and liquidity than by whatever sentiment indicator Twitter is doomposting about that particular Tuesday.

As for what ignites the next bull market, Saylor believes it will be the magical formation of banking credit and digital credit on top of bitcoin. This will have bitcoin doing actual financial heavy lifting—supporting lending and credit activity beyond the revolutionary strategy of "buy and don't sell." Imagine that: the world's most boring asset class finally learning to be useful.

Digital credit already exists, said Saylor, in the form of Strategy's STRC preferred stock, whose 11.5% yield remains well below the company's expectation of BTC's long-term appreciation. Strategy is apparently "stretching" bitcoin "from a nonyielding asset into a capital markets engine," which is a fancy way of saying they're trying to make free money printer go brrrr. The yield chasers are already in the replies.

On the recently debated topic of quantum computing, Saylor said the risks are overblown. The threat, he argued, is theoretical, likely decades away, and even then solvable by humans who will presumably remember that crypt