Mizuho analysts hosted an evening dinner event in Miami. Michael Saylor, Chairman and Founder of Strategy, attended the event. Saylor shared his views on the recent crypto downturn and Bitcoin.

Saylor stated that the crypto lows were caused more by seller exhaustion than valuation frameworks. He explained that declines typically end when forced sellers are fully cleared out. This includes highly leveraged miners and weak balance sheets.

The executive suggested that Bitcoin probably bottomed around $60,000. He cited improving macro liquidity driven by expectations of interest rate cuts. He noted that ETF inflows continue to absorb daily supply. He added that companies are directing their treasury assets into Bitcoin.

Saylor described banking credit and digital credit formation on Bitcoin as potential catalysts. Digital credit exists, but banking credit has not yet emerged. According to Saylor, this will develop over time.

Regarding quantum computing threats, Saylor said the risk is exaggerated. He characterized quantum threats to Bitcoin as theoretical. He mentioned that practical relevance is likely decades away. He noted that Bitcoin’s open-source nature allows for cryptographic upgrades before a credible attack vector emerges.

Strategy announced in a previous earnings call that it has established a Bitcoin security council. The council will include other major institutional stakeholders. They will collaborate on research and communication.

Mizuho maintains an Outperform rating on Strategy shares. The target price is $320.
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