Michael Saylor, executive chairman of Strategy, pushed back against concerns that Wall Street’s growing presence in Bitcoin has amplified the asset’s volatility.
Key Takeaways:
Michael Saylor says Bitcoin’s volatility has decreased despite rising institutional involvement. Bitcoin has fallen 12% this week to $91,616, pulling Strategy’s mNAV and MSTR shares down with it. Saylor remains confident in Bitcoin’s long-term strength, even as analysts warn of deeper downside risks.Speaking to Fox Business on Tuesday, Saylor argued that Bitcoin’s price swings have actually narrowed over time, even as institutional adoption accelerates.
“We are getting a lot less volatility,” he said.
Bitcoin Drops 12%, Wiping Out 2025 Gains
Saylor’s comments come during a turbulent stretch for the market. Bitcoin has dropped nearly 12% over the past week to $91,616, erasing its gains for 2025, according to CoinMarketCap.
Saylor noted that when Strategy first began accumulating Bitcoin in 2020, the cryptocurrency carried an annualized volatility near 80%.
Today, he estimates that figure has declined to roughly 50%. He projected that Bitcoin’s volatility will continue to fall as the asset matures, eventually settling at around 1.5 times the volatility of the S&P 500, and at “1.5 times better performing.”
Despite the recent market pullback, Saylor remained upbeat. “Bitcoin is stronger than ever,” he said.
Strategy now holds 649,870 BTC, valued at $59.59 billion at the time of writing, per SaylorTracker.
Still, the downturn has dented the company’s metrics. Strategy’s mNAV multiple has slipped to 1.11x, down from 1.52x when Bitcoin reached its $125,100 all-time high on October 5.
The firm’s shares (MSTR), which often trade at a premium or discount relative to Bitcoin, closed at $206.80 on Tuesday, marking an 11.50% decline over the past five days, according to Google Finance.
Saylor said he remains unfazed by further downside. “The company is engineered to take an 80 to 90% drawdown and keep on ticking,” he said. “We’re pretty indestructible.”
Not everyone shares his confidence. Veteran trader Peter Brandt cautioned that Strategy could end up “underwater” if Bitcoin’s chart continues to mirror the soybean bubble pattern of the 1970s, a comparison he has repeatedly highlighted.
For now, Saylor continues to dismiss those concerns, insisting that Bitcoin’s long-term trajectory remains intact despite short-term pressure.
Bitcoin Crashes Below $90K as ETF Investors Face First Losses
Bitcoin plunged under $90,000 on Tuesday for the first time since April, erasing its entire 2025 rally and sending the average spot ETF investor into the red.
The drop pushed Bitcoin more than 30% below its early-October record, marking the first time ETF inflows, now sitting at a flow-weighted cost basis of about $89,600, have collectively turned negative.
The downturn triggered a wave of ETF outflows, with November 17 alone seeing $254 million exit US Bitcoin funds, led by large redemptions from BlackRock’s IBIT and GBTC.
Bitcoin dominance also slipped below 60% as Ether fell under $3,000 and major altcoins, including XRP, BNB, and Solana, posted losses of up to 5.6%, signaling broad market stress.
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