Interesting perspective from Saylor on where Bitcoin currently stands. He suggests that we probably reached a bottom around $60,000 in early February, when forced sellers finally exhausted their supply. It's less a valuation issue and more a liquidity issue — when there are no more sellers, the price can't go lower.

What’s notable now is that selling pressure has significantly decreased. ETF cash flows absorb daily supply, and companies are actively converting their treasuries into Bitcoin. This supports the view that we are on firmer ground than last year.

The next phase, according to him, will be driven by the rise of banking and digital credit on top of Bitcoin. This is no longer just buy-and-hold but real financial activity. Saylor already sees this happening through MicroStrategy's preferred shares, which currently yield 11.5%. But here’s the interesting part: those preferred shares still underperform what MicroStrategy expects Bitcoin to deliver long-term. The company is transforming Bitcoin from a non-profitable asset into a true capital market engine.

This preferred share model is essentially a precursor to what’s coming. Once you can build credit and lending on Bitcoin, you'll see a very different type of demand — no longer speculative but structural.

Regarding the quantum stuff: Saylor finds it greatly exaggerated. The threat is theoretical, likely only relevant in decades, and even then solvable. So there’s no reason to lose sleep over it now.

Mizuho remains bullish, with a target price of $320 for MicroStrategy, which would mean a return of around 150% from current levels. Given where Bitcoin is now — around $71,650 — and the momentum in preferred shares, that doesn’t seem unrealistic over the coming years.