Michael Saylor said Bitcoin’s falling volatility shows a maturing market and insists Strategy is built to withstand significant drawdown without breaking stride.
Summary
- Saylor says Bitcoin’s volatility is falling and the market is maturing.
- He claims Strategy is built to withstand an 80–90% BTC decline.
- Strategy keeps buying Bitcoin as institutions grow their exposure.
Michael Saylor noted that the recent pullback in Bitcoin does not change his outlook and that Strategy can handle even an extreme decline.
In a Nov. 18 Fox Business interview, he said Bitcoin’s (BTC) volatility has been falling steadily and that the company is built to endure heavy market swings. “The company is engineered to take an 80% to 90% drawdown and keep on ticking,” he said. “I think we’re pretty indestructible.”
Saylor noted that when he began buying Bitcoin in 2020, annual volatility was near 80%. It has since dropped to about 50%. He expects it to keep decreasing by around five points every few years.
He believes Bitcoin will eventually settle near a level that is 1.5 times the volatility of the S&P 500 while also outperforming it in the same proportion. Despite the recent price dip, he said, “Bitcoin is stronger than ever.”
Volatility softens as Bitcoin pulls back
Bitcoin has fallen almost 11% over the past week to around $91,700. Saylor was unfazed by the move. He described it as a normal part of market cycles and said volatility helps remove short-term traders. “Volatility is a gift to the faithful,” he said, adding that patient holders tend to benefit once the market cleans up excess leverage.
He pushed back on claims that institutional involvement has weakened Bitcoin. He said the market is becoming more stable and believes the decline in volatility supports that.
Strategy now holds 649,870 Bitcoin valued at about $59.5 billion, according to data from Saylor Tracker. The company’s mNAV multiple has eased to around 1.11x from 1.52x when Bitcoin hit its all-time high in October, yet Saylor said the core business remains steady.
Strategy’s stock has mirrored the downturn. It closed at $206 on Nov. 18, 5% up after touching a one-year low of $194.54 the previous day. Even so, Saylor said current leverage levels are healthy and that the company’s structure allows it to stay resilient. He said Strategy’s long-term model continues to work as expected.
Strategy keeps buying as institutions move in
In a post on X early this week, Saylor had said Strategy has been buying Bitcoin every day during the week of Nov. 10–16. He posted “We are ₿uying” and denied rumors of any sales, responding to a false claim about a large disposal.
On Nov. 17, he revealed that Strategy purchased more than 8,178 coins worth over $835 million. The company remains profitable because its average purchase price of $74,443 is far below current levels.
Institutional interest has continued to rise. Canada’s CPP pension fund disclosed an $80 million stake in Strategy, and Florida’s pension fund revealed a $47 million position. Saylor said demand for Bitcoin exposure is growing and that the asset will outperform gold and the S&P 500 over time.
