Is Bitcoin Under $100K Cheap? Saylor Makes His Case, Skeptics Remain

Bitcoin has lost half its value since October, sliding from record highs to trade well below the $100,000 mark investors once treated as a floor. For Strategy founder Michael Saylor, the crypto industry’s loudest permabull, this is just Tuesday.

“We’ve lived through more brutal drawdowns,” Saylor said, pointing to a 75% collapse in 2021-2022 that dwarfs the current slide. Since his firm started buying Bitcoin in August 2020, he counts five major drawdowns in five years. This one, he argues, barely registers by comparison.

The Pitch: Ignore the Chart, Watch the Institutions

Saylor’s argument skips past price action entirely. He wants investors thinking in four-year cycles, minimum, ideally ten. His preferred gauges are the four-year and 200-week moving averages, not the daily chart that has crypto Twitter in a panic.

What’s changed, he says, is everything underneath the price. Two years ago, no US president, Treasury secretary, or bank regulator would touch Bitcoin publicly. Now the White House, the Fed chair, the SEC, and the CFTC have all voiced support. Roughly 75% of major banks back Bitcoin in some form, Saylor claims, up from essentially zero. About 100 Bitcoin ETFs now hold more than $100 billion combined, a market that simply didn’t exist before 2024.