Saylor Sees Bitcoin Entering a New Bull Market
Michael Saylor, executive chairman of Strategy, believes Bitcoin has passed its market bottom and is positioned for another move above $100,000. In a Bloomberg Television interview on October 13, 2026, Saylor described the cryptocurrency as being at “the beginning of a bull market.”
“We hit the bottom around slightly below $60,000. [Bitcoin] will march forward from here,” Saylor said.
He did not provide a deadline for Bitcoin to return above $100,000. Instead, he emphasized his long-term outlook, predicting annual Bitcoin growth of 20% to 30% over the next two decades. Saylor also stressed that he does not approach Bitcoin as a short-term trader. His forecast represents his personal market view, not a confirmed price target or guarantee of future performance.
Four Factors Saylor Believes Could Support Bitcoin
Saylor said trade, foreign and monetary policy had weighed on Bitcoin earlier in the market cycle. He now sees four potential tailwinds: a favorable regulatory environment, accelerating bank adoption, growth in tokenized securities and stronger digital credit networks.
These developments could influence how financial institutions and investors access digital assets. Regulatory clarity may affect participation, while banks and tokenization platforms can create additional ways to hold, trade or gain exposure to blockchain-based assets. Digital credit products could also broaden the financial instruments built around Bitcoin.
Saylor also highlighted Bitcoin’s recent relationship with its 200-week moving average. He said the cryptocurrency briefly fell below that long-term indicator before recovering to trade at a 25% premium to it. The moving average is a historical price measure that traders use to assess longer-term market trends, although it does not establish where prices must move next.
AI and Bitcoin’s Limited Supply
Artificial intelligence was another part of Saylor’s argument. He suggested that as AI becomes more capable, investors may increasingly seek assets that automated systems cannot reproduce in greater quantities.
Saylor described Bitcoin as “the king of commodities,” emphasizing its predetermined supply schedule as a distinguishing feature. Unlike assets that can be produced in response to higher demand, Bitcoin issuance follows rules encoded in its protocol.
In a post promoting the interview, Saylor wrote: “Bitcoin is raw financial energy. Strategy transforms it into Digital Credit.” The statement reflects his view that Bitcoin can serve as a capital asset around which Strategy builds financial products, including securities designed to provide investors with different forms of exposure to the company's Bitcoin-focused balance sheet.
Saylor also played down the importance of the 2028 US election for the long-term adoption of crypto products. “It doesn’t matter who gets elected in 2028,” he said, arguing that products people value could maintain their appeal across political changes. He added that users would not easily give up products they find useful.
Strategy Positions Itself as a Structured Finance Company
The interview also addressed Strategy’s Bitcoin sales, including an initial sale of 32 BTC that attracted significant attention. Saylor argued that the company should be understood as a structured finance business capable of moving among Bitcoin, equity, cash and credit as market conditions change.
That approach differs from a strategy of never selling any Bitcoin under any circumstances. Strategy’s financing model involves issuing securities and managing its balance sheet, with capital decisions potentially influenced by liquidity needs, funding costs and market opportunities.
Saylor said Strategy likely acquired more Bitcoin than any other company during 2026 and expects it to continue increasing its holdings during a bull market, including through the issuance of credit-oriented securities. Strategy’s official Bitcoin ledger recorded holdings of 848,250 BTC following a purchase of 250 BTC announced on October 12, 2026.
The company’s October 12 announcement detailed the Bitcoin acquisition and capital-management activity, including repurchases of STRC preferred shares. The announcement illustrates how Strategy combines Bitcoin accumulation with decisions involving its publicly traded securities.
Strategy’s Long-Term Performance Compared With Bitcoin
Saylor pointed to Strategy’s performance since its first Bitcoin purchase in August 2020. He said Bitcoin had gained approximately 38% annually over that period, while Strategy’s MSTR stock had returned about 52% to 53% annually.
These figures were presented as comparisons over the period Saylor discussed. Bitcoin and MSTR are different investments: Bitcoin provides direct exposure to the cryptocurrency, while Strategy shares represent equity in a company whose value is affected by its Bitcoin holdings, financing structure, business operations and stock-market conditions.
Consequently, MSTR's historical performance should not be interpreted as a promise that it will outperform Bitcoin in the future. The two assets can react differently to changes in Bitcoin's price, financing conditions and investor demand.
Bitcoin Near $83,900 as the $100,000 Target Remains Uncertain
Bitcoin was trading near $83,900 at the time covered by the supplied market snapshot. The same snapshot put the odds of Bitcoin reaching $100,000 on prediction markets at 27%. These figures represent a particular point in time and can change as prices and market expectations move.
The distance between the reported market price and Saylor’s $100,000 target underscores that his prediction still depends on a substantial recovery. His longer-term expectation of annual growth between 20% and 30% also spans a much longer period than a near-term trading forecast.
Investors assessing the outlook need to distinguish Saylor’s conviction from observable market data. His proposed tailwinds may support his thesis, but regulatory developments, macroeconomic policy, liquidity and market sentiment can all affect Bitcoin’s price.
MSCI Decision Adds Another Risk for Strategy
Strategy also faces a separate issue involving its potential eligibility for MSCI equity indexes. The supplied brief says MSCI is expected to announce its position by October 16, 2026, following a review of eligibility rules that could affect companies whose balance sheets are heavily concentrated in digital assets.
JPMorgan has estimated that approximately $2.8 billion in investment flows could be at risk if Strategy were excluded from relevant indexes. That figure is an estimate of potential flows, not a confirmed amount that would necessarily leave the stock. Index changes can affect funds that track benchmarks, but the actual effect depends on the final rules and how investors respond.
MSCI’s official index consultation materials outline its work on the treatment of digital-asset treasury companies and broader questions about the eligibility of non-operating companies. In January 2026, MSCI said it would not implement its proposed exclusion of digital-asset treasury companies in the February review, while indicating that it intended to undertake a broader consultation. The later eligibility process described in the supplied brief remains a separate development to monitor.
Saylor has criticized MSCI’s stance and said he hopes the index provider will reconsider. The outcome could matter for Strategy shareholders independently of Bitcoin’s price, because index eligibility can influence institutional portfolio allocations.
What Saylor’s Forecast Means for Bitcoin
Saylor’s outlook rests on the belief that Bitcoin has moved beyond its lows and that improving regulation, institutional participation, tokenization and digital credit can support another upward phase. His AI argument adds a long-term scarcity thesis, while Strategy’s financing model is intended to turn Bitcoin exposure into a broader range of financial products.
However, the $100,000 target has no stated deadline, and the market snapshot places Bitcoin below that level. Strategy also faces company-specific risks, including the potential effect of MSCI eligibility rules and the financial implications of its capital-raising strategy.
The central distinction is between Saylor’s long-term conviction and the uncertainties that remain in the market. His forecast provides a clear view of how he sees Bitcoin’s next phase, but neither the price target nor Strategy’s future performance is assured.
