Michael Saylor argued on X that the bitcoin selloff reflects a broader capital rotation into AI infrastructure rather than weakening fundamentals for Bitcoin.
Bitcoin fell to as low as $61,400 overnight before trimming losses to $62,400 in premarket hours Thursday, down 7% over the past 24 hours and more than 14% over the past week. Strategy and Michael Saylor’s MSTR is down nearly 15% in 5 trading days.
The drop has pushed bitcoin into a technical bear market, with bitcoin now off 22.7% from its four-week high, wiping out more than $600 billion in total crypto market value.
At the center of the debate is Strategy Executive Chairman Michael Saylor, who took to X on Thursday morning to offer his read on the selloff.
“Capital markets are funding the AI buildout at historic scale: ~$400B over 6 months,” Saylor wrote. “Bitcoin ETFs have seen ~$4B of outflows since May 14, pressuring BTC. This is a capital rotation, not a Bitcoin impairment. Volatility creates opportunity.”
