"I won’t back down." — On November 23, Michael Saylor’s brief message on social media quickly swept through the cryptocurrency world. This concise and powerful statement was the latest response from Bitcoin’s most prominent bull to market volatility, reaffirming his commitment to continue accumulating Bitcoin.
As the Bitcoin price dropped from a peak above $120,000 to below $81,000 in recent trading, Saylor’s stance drew widespread attention.
01 Steadfastness Amid Market Turbulence
Saylor made these remarks as the Bitcoin market underwent a significant correction. As of November 24, Bitcoin’s price had fallen to $80,600, erasing more than 30% of gains since October.
At the same time, MicroStrategy (now renamed Strategy) saw its share price come under heavy pressure, declining 41% year-to-date.
Despite market stress, Saylor maintained his trademark resolve. He described Bitcoin’s volatility as "Satoshi’s gift," emphasizing that this volatility is one of the ecosystem’s core strengths.
Saylor explained, "If Bitcoin didn’t have volatility, it might not perform as well." He likened the challenge to harnessing energy: "Some people run from fire, while others put fire into cars or jet engines."
02 Strategy’s Bitcoin Approach and Current Holdings
According to the latest data, Strategy currently holds 649,870 Bitcoins, with an average acquisition cost of $74,430 per coin.
Despite the recent market correction, this position still boasts an unrealized gain of 16.67%, valued at approximately $56 billion at current prices.
Saylor expressed full confidence in the company’s financial health, stating in a recent interview, "We have enough capital to sustain growth for the next 70 years, even if Bitcoin doesn’t appreciate at all."
He characterized the current market turmoil as "noise," expressing his belief that these fluctuations "will eventually pass."
03 Strategies for Addressing Market Concerns
Responding to investor worries about Strategy’s liquidation risk, Saylor firmly dismissed such concerns. He pointed out that the company’s dividend obligations account for only "one basis point" of Bitcoin’s daily trading volume, calling it "an almost negligible margin of error."
In a recent Fox Business interview, Saylor elaborated on the company’s risk management. He stated that as long as Bitcoin grows by 1.25% annually, Strategy can indefinitely maintain its dividend payments and continue to create value for shareholders.
More importantly, he claimed that Strategy is "built to withstand an 80% to 90% decline and keep operating," describing the company’s leverage as "very robust," currently at 10% to 15%, with a trend "moving toward zero."
04 Market Divergence and Critical Voices
Saylor’s Bitcoin strategy is not without its critics. Renowned economist Peter Schiff recently publicly questioned Strategy’s investment approach.
Schiff noted that although the company spent over $48 billion in the past five years buying Bitcoin, its total book profit is less than 17%.
"If Saylor had bought almost any other asset, MSTR would be in a better position," Schiff wrote on X. He also warned that if the company attempts to realize profits from its Bitcoin holdings, it would "disappear."
05 Market Impact and Investor Sentiment
Saylor’s statements and actions have a significant influence on Bitcoin market sentiment. In a recent weekly poll, 77.8% of respondents said they chose to "hold" during the latest sell-off, confirming that the Bitcoin community views this downturn as a temporary setback rather than a strategic threat.
Meanwhile, according to Alternative data, the Crypto Fear & Greed Index rebounded from 13 yesterday to 19. While market sentiment remains in "extreme fear," signs of stabilization have emerged.
Macroeconomist Lyn Alden also noted, "We haven’t reached a level of mania in this cycle, so there’s no reason to expect a major sell-off."
06 Outlook and Market Expectations
Saylor remains highly optimistic about Bitcoin’s future. He stated that the company expects Bitcoin to grow by about 30% annually over the next 20 years—a projection far above the 1.25% annual growth rate he says is needed to sustain company operations.
While major competitors face mounting pressure, with some struggling due to billions in unrealized losses and forced asset sales, Strategy continues its aggressive Bitcoin accumulation strategy, purchasing $830 million worth of Bitcoin just last week.
Continued institutional interest may provide strong support for Bitcoin’s price, and the trend of publicly traded companies like Strategy allocating Bitcoin as treasury assets is gaining momentum.
Outlook
As the market gradually absorbs the recent downturn, Bitcoin has rebounded above $88,000 on Gate Exchange, and the total crypto market capitalization has returned to the $3 trillion mark.
Despite price swings and market divisions, Saylor’s Strategy still holds nearly 650,000 Bitcoins.
On this battleground, the tug-of-war between bulls and bears never ceases, and Saylor’s declaration—"I won’t back down"—has become the most resolute symbol in today’s cryptocurrency world.
