Michael Saylor used a high-profile look at BTC Prague to deal with two separate points directly: criticism over Strategy‘s (Nasdaq: MSTR) current Bitcoin sale, and his personal concept for why Bitcoin has been lagging this 12 months.
Speaking with Natalie Brunell, the Technique co-founder and government chairman confronted critics who identified the obvious contradiction between his long-standing message to retail traders and the corporate’s choice to promote 32 Bitcoin in late Might.
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Saylor explains Technique’s Bitcoin math
Saylor mentioned, “I obtained very well-known for saying you don’t promote your Bitcoin to the plebs.” However he clarified that the recommendation was geared toward particular person holders, not at how a Bitcoin treasury firm ought to function.
Technique, he mentioned, exists to create Bitcoin-backed credit score, to not perform as a static holding car.
“We have now turn into the largest holder of Bitcoin on the earth and we are the greatest purchaser of Bitcoin on the earth,” Saylor mentioned. “And that can proceed so long as we act rationally.”
He argued that demonstrating a willingness to promote Bitcoin when mandatory is what permits Technique to maintain servicing its most well-liked dividends and preserve credibility with credit score traders. With out that flexibility, he mentioned, “the enterprise mannequin is damaged.”
Saylor additionally addressed considerations that current capital raises have been diluting Bitcoin per share. He mentioned the corporate is “dynamically balancing progress versus danger,” accepting short-term dilution in change for long-term stability sheet energy and a higher potential to concern credit score and purchase extra Bitcoin over time.
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The ‘AI summer time’ concept
Saylor additionally supplied a proof for Bitcoin’s broader underperformance this 12 months. He pointed to large AI fundraising rounds at firms like OpenAI, Anthropic, SpaceX, Alphabet, and Meta as the first power 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 brief 12-to-24-week cycle. He expects that capital to rotate again into Bitcoin as soon as lockups expire and early AI traders notice their features.
“Towards the tip of the 12 months, we should always see a reversal development,” Saylor predicted.
Citing the expansion of Bitcoin-backed credit score and yield merchandise, he referred to as 2026 “essentially the most thrilling 12 months within the historical past of Bitcoin.”
