Bitcoin's Price May Be Falling, But Michael Saylor Feels 'Indestructible'

Core Insights - Bitcoin continues to decline, recently hitting a new weekly low below $89,000, with significant drops in crypto-linked stocks like Strategy and Coinbase [2][4] - Many investors are in a selling mode, with recent "buying the dip" activity not matching previous downturns, and spot bitcoin ETFs experiencing net outflows of nearly $2.3 billion over five consecutive days [3][5] - Despite the downturn, Strategy, led by Michael Saylor, remains a significant buyer of bitcoin, asserting confidence in the company's resilience against market fluctuations [4][6] Market Performance - Bitcoin's price fell below $88,000, marking a significant decline in its value [8] - Strategy's stock has seen a notable decrease, with a drop of over 11% reported [2] Investor Sentiment - The current market conditions are not unprecedented, as historical drawdowns have seen bitcoin's price drop significantly, such as during the onset of Covid in March 2020 [5] - Saylor emphasizes that the company is structured to withstand substantial price declines, indicating a long-term bullish outlook despite current market challenges [6][9] Company Strategy - Strategy has increased its bitcoin holdings, with Saylor stating that the company is "indestructible" and prepared for potential price drops of 80% to 90% from bitcoin's all-time high of approximately $126,000 [6][9] - The average price paid for Strategy's initial bitcoin purchase was $11,600, suggesting a long-term investment strategy [9]