As Bitcoin falls back near its lowest level in nearly two years, Michael Saylor, Chairman of Strategy, has once again spoken out on Bitcoin’s direction. He stated that Bitcoin’s future should not be dominated by a single path, but rather should maintain a balance between purity, adoption, innovation, and stability.
Thaler emphasizes the coexistence of multiple forces.
Saylor posted on X that the Bitcoin ecosystem requires the collective efforts of various participants, including purist supporters, market participants driving capital inflows, developers advancing technological evolution, and groups emphasizing long-term value preservation.
He believes that the debate should not be reduced to a binary choice between "pure or adapted" or "innovation or stability." A more realistic path is to maintain the stability of Bitcoin’s underlying rules while enabling businesses, banks, and governments to build more products and use cases around this asset.
Weakening prices combined with open interest disputes
As Saylor spoke, Bitcoin briefly dropped below $61,000 on Friday. Market data cited in the report showed that BTC fell 5.79% that day, with a cumulative decline of over 25% over the past month and more than a 50% drop from its peak of $126,000 in October 2025.
Meanwhile, Strategy’s recent sale of 32 bitcoins has made the market more sensitive to its actions. Although the sale volume is small, it is still viewed by some market participants as a noteworthy signal, given the company’s cumulative holdings of over 844,700 BTC.
Over the past year, Strategy has continued to raise funds through preferred stock financing and other means to further increase its Bitcoin holdings. As a result, any changes related to its positions are often amplified by the market.
There is significant divergence in market sentiment regarding the bottom.
Market opinions are divided on whether this downturn is nearing its end. The report mentions that CNBC host Jim Cramer spoke sharply about Strategy’s coin-selling actions, suggesting that this move has dealt a blow to Bitcoin.
However, Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, holds a relatively optimistic view. He stated that Bitcoin’s current low point is “very close,” citing factors such as the continued resilience of spot ETF holdings and the potential scale of Strategy’s subsequent repurchases, which may exceed the amount previously sold.
As price pressure intensifies and institutional positioning shifts continue to amplify, Saylor’s statement once again brings the internal debate over Bitcoin back into the market’s spotlight. The core of the dispute lies in how to maintain the stability of underlying rules while continuing to attract corporate treasuries, financial products, and institutional capital into this market.