As the crypto market experiences weeks of brutal volatility and bitcoin hovers below $70,000 after touching $126,000, Michael Saylor has no doubts: “We will never sell.” In an interview Tuesday on CNBC’s Squawk Box with Andrew Ross Sorkin, Strategy’s executive chairman reiterated that the company will continue to buy bitcoin “every quarter, forever,” regardless of the market’s direction in the short term. His prediction is as bold as his positioning: over the next four to eight years, bitcoin will ‘double or triple’ the returns of the S&P 500 index, rendering the tactical swings that terrorise intraday traders irrelevant.
Saylor’s words come at a delicate time for Strategy, the former enterprise software company that has become the de facto largest public vehicle for exposure to Bitcoin. The company now holds 714,644 BTC worth about $49 billion, representing 3.4 per cent of the entire existing bitcoin supply. But the average acquisition price is higher than the current market level, and in the third quarter of 2025 Strategy posted a net loss of $12.4 billion, a direct result of the price dropping from over $126,000 to below $70,000. In other words, on paper, Strategy is losing billions. Yet Saylor does not seem worried: the point, according to him, is not the quarterly mark-to-market, but the multi-year trajectory.
During the interview, Saylor explained that the one thing investors need to understand is that Bitcoin is set to outperform the S&P 500 by two or three times over the next four to eight years. This belief is not an act of blind faith, but is based on a decade of historical data in which Bitcoin has consistently outperformed traditional stock indices while going through cycles of euphoria and collapse. His bet is that the institutional adoption mechanism, with giants like BlackRock launching spot ETFs and amassing billions of dollars in BTC, will structurally change the way the market prices the asset, reducing volatility and increasing long-term value stability.
But what would happen if bitcoin continued to fall? The question was put directly to Saylor and Strategy CEO Phong Le. The answer was calculated and reassuring: Strategy has 2.5 years of cash reserves, and even if bitcoin fell 90 per cent in the next four years, the company would simply refinance the debt. He added that the company’s debt would only really come under stress if Bitcoin fell to $8,000 and stayed there for five or six consecutive years, a scenario that Saylor considers unlikely given the level of institutional adoption achieved. In other words, Strategy is not in ‘panic selling’ mode, but in ‘perpetual accumulation’ mode, treating bitcoin as a strategic treasury asset to be held through multiple cycles.
This view clashes head-on with short-term sentiment. Analysts such as Beimnet Abebe of Galaxy Digital have expressed caution, noting that bitcoin’s technical setup appears ‘weak’ and that investors are turning to ‘value stocks’ rather than risky assets such as cryptocurrencies. The parallel with Ethereum is equally problematic: ETH has also suffered during the same time window, and the broader altcoin market remains under pressure. Yet Saylor is not talking to traders looking for 10 per cent swings, he is talking to institutional investors who think over 5-10 year horizons.
The philosophical breaking point here is clear: Saylor does not consider Bitcoin a ‘trade’, but an emerging monetary system destined to become the global store of value of the 21st century. Strategy is not buying to sell higher next week, it is building a perpetual position that functions as a Bitcoin-based private central bank. If this vision proves correct, in eight years we will look back and laugh at the paper losses of 2026. If it turns out to be wrong, however, Strategy will be remembered as the most expensive exercise in financial hubris in crypto history. But one thing is certain: Michael Saylor will not sell to find out.
