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Bitcoin is holding part of its summer gains, and Strategy founder Michael Saylor says the bull run is still underway. In an interview with Bloomberg, Saylor said bearish catalysts are flipping into support, according to Ambcrypto. “We’re at the beginning of the bull market,” he said, describing restrictive trade, foreign and monetary policies as the old headwinds and pointing to a favorable regulatory environment, banking adoption, tokenized securities and digital credit networks as the new tailwinds.
The price backdrop is mixed. Bitcoin climbed 51% from July’s lows of $57.8K to over $87K but then moved sideways between $80K and $87K in the first half of October, staying below $84K for four days before key macro events, Ambcrypto reported. Foxbusiness put the largest cryptocurrency by market capitalization around $81,800, up from about $75,900 a month earlier, around the time the Senate failed to advance the Clarity Act in a procedural vote.
Also read: Saylor Says Bitcoin Bottomed Below $60K, Targets $100K
Key facts
- Saylor said Bitcoin could hit six figures again above $100,000, and that the market is in an early bull market.
- After a $21M purchase, Strategy’s holdings reached a record 848,250 BTC, worth about $70B, just above its prior all-time high of 847.36K BTC.
- In the same week Strategy spent about $192M buying back its preferred shares, almost 9x what it spent on Bitcoin, a pace research firm Ecoinometrics called a slowdown.
- Bitcoin’s overall demand moved from deep negatives in late September to neutral in mid-October, according to CryptoQuant data cited by Ambcrypto.
- Foxbusiness reported that Saylor argued the Clarity Act’s failure on Capitol Hill was the best thing to happen to crypto, because Treasury backed stablecoins, the SEC paved the way for tokenized securities and the CFTC unlocked prediction markets and derivatives.
Saylor’s case, and the numbers behind it
Saylor rejected the idea that the AI trade will starve Bitcoin of capital. When that trade ends, he said, money will rotate into scarce assets such as real estate, gold and Bitcoin — a view carried in Foxbusiness’s account, where he also warned that Wall Street is sleeping on digital capital while chasing risky, overpriced AI plays. He compared crypto’s position to the early days of Uber and Airbnb and argued that if digital assets enrich 100 million Americans by the next election cycle, no politician will dare take that away.
Strategy’s buying is the harder data point. The company’s stash sits at a record, but the pace has fallen well below what it spends on STRC buybacks — one week’s roughly $192M repurchase of preferred shares dwarfed the $21M Bitcoin purchase, as Ambcrypto noted via Ecoinometrics. Saylor still plans to issue more preferred stock, or digital credit including STRC, during the bull run. Whether those proceeds fund more Bitcoin buys is not yet clear.
Also read: Saylor Moves Past CLARITY Act After Senate 49-50 Vote
Why it matters
Strategy has been the most visible corporate buyer of Bitcoin, so a slowdown in its purchases changes who has to absorb supply. Ambcrypto frames the question directly: if the biggest corporate buyer is easing off, who picks up the slack? Demand has already recovered from late-September lows to a neutral reading, but neutral is not the same as a bid. For holders, the gap between Saylor’s rhetoric and his company’s spending is the story worth tracking.
What to watch
Two near-term inputs matter. First, Wednesday’s CPI inflation data and how the market reprices the late-October Fed rate decision, which Ambcrypto said will determine whether demand flips positive. Second, whether the U.S. spot Bitcoin ETF complex and Strategy return as buyers — if they do, Bitcoin could defend $80K and test $87K again. Saylor’s own $100K target is a forecast, not a certainty; this is not financial advice, and crypto markets are volatile.
Reported by ambcrypto.com.
Sources: AMBCrypto, Foxbusiness