Even As Bitcoin's Price Falls, Michael Saylor Feels 'Indestructible'

• The price of Bitcoin dipped below $89,000, setting a new weekly low as corporate buyer Strategy remains bullish.

• Strategy’s Executive Chair, Michael Saylor, remains unfazed by recent downturns, emphasizing the company's resilience.

• Despite market sentiment favoring selling, large investors like Strategy continue to accumulate Bitcoin.

As Bitcoin continues to experience turbulent trading conditions, its price plunged below the $89,000 threshold on Wednesday, marking a new weekly low, according to Messari data. While this downward trend has many investors in a selling mindset, Michael Saylor, Executive Chair of corporate Bitcoin buyer Strategy (MSTR), asserts that his firm is “pretty indestructible,” revealing a bullish perspective during an interview with Fox Business.

Despite an overall market environment that saw crypto-linked stocks struggle—Strategy lost over 11% and Coinbase Global (COIN) dropped nearly 5%—the retail sentiments shifted towards a cautious sell-off. Recently, there was minor activity in buying the dip on platforms like Robinhood (HOOD), but that activity has not reached previous drawdown levels. Additionally, spot Bitcoin ETFs have incurred nearly $2.3 billion in net outflows over the last five days, as reported by Farside Investors.

While the current drawdown is concerning, Saylor pointed out that Bitcoin has faced far worse declines in its history, such as the significant drop during the early Covid-19 pandemic when prices halved to below $4,000 in just two days. He likened the current conditions to historical events, referencing the infamous Mt. Gox exchange outage in 2013 when Bitcoin's value plummeted to the low hundreds.

Saylor's recent social media post included the phrase "Never ₿ack Down," portraying himself artistically as a resilient warrior. His confidence remains unfaltering, stating, "The company is engineered to take an 80% to 90% drawdown and keep on ticking. I think we're pretty indestructible." Notably, an 80% to 90% decline from Bitcoin's all-time high of approximately $126,000 would drive prices down to between $25,242 and $12,621, levels that would resonate with Saylor, whose company first entered Bitcoin in August 2020 at an average price of $11,600.

In essence, while Bitcoin's recent downtrend has caused concern among market participants, Saylor's steadfast conviction may provide a counter-narrative to the prevailing pessimism.