Strategy’s Michael Saylor says bitcoin likely bottomed near $60K, suggests quantum risk is overblown
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Bitcoin may have already found its floor, according to Strategy (MSTR) executive chairman Michael Saylor, who also pushed back on rising concerns around quantum computing threats to the network.
Speaking at a recent Mizuho investor event, Saylor said bitcoin likely bottomed around $60,000, pointing to a familiar pattern in which downturns end not with improving sentiment but with the exhaustion of forced sellers.
In his telling, the latest drawdown was mainly driven by over-leveraged miners and weaker market participants liquidating holdings.
As that supply clears, the balance shifts, per Saylor’s view. He pointed to steadier ETF demand, improving liquidity expectations, and growing corporate treasury allocations as factors limiting further downside.
According to Saylor, market conditions now seem asymmetric. In other words, there appears to be less incremental selling as demand steadily builds.
Bitcoin last changed hands near $71,200 as markets monitored ongoing developments tied to tensions in the Middle East, The Block's price page shows.
Quantum risk downplayed
Saylor also addressed a separate issue gaining traction across markets: whether advances in quantum computing could eventually threaten bitcoin’s cryptographic systems.
The risks are distant and manageable according to Saylor, who also argued that any credible threat would emerge slowly enough for the network to adapt.
Bitcoin’s open-source structure, he said, would allow developers to introduce quantum-resistant upgrades well before attacks become practical.
This view is shared by some on Wall Street. Bernstein recently called quantum risk a “manageable upgrade cycle,” while Benchmark has described it as long-dated rather than immediate.
However, others are less relaxed. Google researchers have warned that breakthroughs could arrive earlier than expected, fueling debate over how quickly the industry should prepare for a transition to new cryptographic standards.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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source: https://www.tradingview.com/news/the_block:c43d86290094b:0-strategy-s-michael-saylor-says-bitcoin-likely-bottomed-near-60k-suggests-quantum-risk-is-overblown/
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