Michael Saylor Says Bitcoin Bull Market Is Just Starting

$BTC is sitting near $100K and Michael Saylor is treating it like a warm-up act. In a Bloomberg Talks interview, the Strategy founder and walking Bitcoin infomercial made his case that we are at the very beginning of a new bull market, powered by regulatory tailwinds that have replaced the headwinds of the last cycle. And look, the man holds roughly 4% of all Bitcoin in existence through $MSTR, so he is either a visionary or the most committed bagholder in financial history. Probably both.

His core thesis is genuinely interesting though. Saylor argues that AI will demonetize labor-based equities, meaning companies whose value is built on human capital will deflate as automation eats their margins. That capital, in his view, rotates into hard assets, and Bitcoin is the hardest asset on the digital block. It sounds like a Reddit post, but when you see the 10-year Treasury yield still hovering at 5.22% and the dollar near 18-month highs, the appeal of a non-sovereign store of value becomes a little less crazy.

The macro backdrop is doing Saylor's argument no favors on the surface, but that is exactly the point. Geopolitical chaos, including tanker attacks spiking in the Strait of Hormuz, the Iran war grinding forward, and a weird Russia diesel deal that nobody fully understands, is the kind of environment that historically sends at least some capital hunting for uncorrelated assets. Bitcoin's correlation to equities has been drifting lower, and X sentiment tracked by BullApe shows a clear pickup in bullish BTC chatter this week, contrasting with the relative flatline noted in our recent Ethereum deep-dive.

The bear case is not hard to find. A VIX at 15.21 suggests markets are not panicking, which historically limits Bitcoin's "flight to safety" narrative. Risk-on environments are great for BTC, but so are genuine crisis moments. Right now we are in the mushy middle: too calm for panic buying, not calm enough for pure greed. And with Strategy holding such a concentrated position, any forced selling from that entity would be a seismic event the whole market watches nervously.

Still, when the largest publicly traded Bitcoin holder goes on Bloomberg and says the bull market is just starting, and the regulatory winds actually have shifted in the U.S., ignoring that is a choice you should at least make consciously. Saylor has been wrong about timing before, but he has never been wrong about direction. The distinction is doing a lot of work in that sentence.