[DigitalToday reporter Yoonseo Lee] Michael Saylor (마이클 세일러), chairman of Strategy, said bitcoin is likely to have formed a bottom around $60,000 in early February.

On April 8, blockchain media outlet CoinDesk reported that Saylor shared the view at a recent Mizuho event, saying selling pressure has weakened while demand is expanding.

Saylor again stressed that a bitcoin bottom is determined by seller exhaustion rather than simple valuation. He said trend reversals are more affected by capital structure and liquidity than by investor sentiment. He explained that, in judging a price floor, how much actual selling supply remains matters more than the psychology of market participants.

He also assessed current selling pressure in the bitcoin market as limited. He said inflows into spot exchange-traded funds are absorbing daily supply, and companies are continuing to shift part of their treasury assets into bitcoin. He put weight on the point that the market’s supply-and-demand structure is changing from the past.

He cited bank credit and digital credit built on top of bitcoin as catalysts for the next bull market. Saylor said bitcoin could expand beyond simple holding demand into an asset that supports lending and credit activity. He said digital credit already exists, citing Strategy’s preferred stock STRC as an example. STRC yields 11.5 percent, but the company’s view is that bitcoin’s long-term rise will exceed that.

Saylor claimed that "Strategy is expanding bitcoin from a low-yield asset into a capital markets engine." He said this means it is building a structure that goes beyond simply holding bitcoin and uses it as a foundation for raising capital and creating credit. He said that explanation aligns with Strategy’s direction of making bitcoin a central pillar of its corporate treasury strategy.

He also outlined his position on the "quantum computing threat," which has recently become more controversial in the market. He drew a line by saying "the concern is excessive," adding that quantum computers remain at a theoretical level and it is likely to take decades before they become a reality. He said that even if a problem arises, it can be addressed.

Mizuho also maintained its "outperform" rating on Strategy and a target price of $320. That implies upside potential of about 150 percent from the then share price of $127. Separate from bitcoin price forecasts, the market is focused on whether Strategy can create a new structure within capital markets based on its bitcoin holding strategy.