Michael Saylor Defends Bitcoin’s Value Amid Volatility

• Michael Saylor defends Bitcoin’s price fluctuations as a sign of BTC’s utility.
• Debate emerges on Twitter over Bitcoin’s relationship with traditional markets.
• Strategy made its latest Bitcoin acquisition on March 31, totalling its holdings to 528K BTC.

Strategy CEO Michael Saylor has defended Bitcoin’s price volatility, calling it a reflection of the cryptocurrency’s global utility rather than a weakness. His remarks came in response to questions about Bitcoin’s market behavior and its apparent correlation with traditional financial markets.

He discussion was sparked by Barstool Sports founder Dave Portno, who posed a question on X. “If the point of Bitcoin is to be independent of the US Dollar and non-regulated, why does it basically trade exactly like the US stock market nowadays?” Portnoy asked. He noted that Bitcoin tends to rise when markets are up and fall when markets are down.

Saylor responded by emphasizing that Bitcoin’s short-term trading patterns don’t necessarily reflect its long-term value proposition. “Bitcoin trades like a risk asset short term because it’s the most liquid, salable, 24/7 asset on Earth,” Saylor wrote. He mentioned that in times of panic, traders sell what they can and not what they want to. Saylor pointed out that this doesn’t imply that Bitcoin is correlated long-term, but just that it’s always available.

In a follow-up post, Saylor stated that Bitcoin is the most volatile simply because it is the most valuable. His comment captures the controversy over Bitcoin’s role in the financial system. While Bitcoin was originally conceived as an alternative to mainstream financial systems, in recent years, the price action has been to track that of technology stocks and other risk assets. 

Related: GameStop Raises $1.5B, Adds Bitcoin to Treasury Strategy

Meanwhile, Strategy is bullish on Bitcoin through its acquisition plan. In its latest update of March 31, 2025, Saylor indicated that Strategy had acquired another 22,048 Bitcoin at approximately $1.92 billion. The acquisition was at an average of $86,969 per Bitcoin.

This new purchase takes Strategy’s total holding of Bitcoin to 528,185 BTC. It was purchased for approximately $35.63 billion at an average exchange rate of $67,458 per Bitcoin. Saylor further added that the company had generated a “BTC Yield” of 11.0% year-to-date as of 2025.

The acquisition of Bitcoin was one of the first major corporate strategies centered around cryptocurrency. The firm has regularly purchased Bitcoin through market purchases and issuance of debt.

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