Ki Young Ju, the CEO of CryptoQuant, says Michael Saylor’s Bitcoin strategy faces a bigger risk from prolonged stagnation than from a sudden crash. His point is narrower than a liquidation warning: if Bitcoin trades sideways for an extended period, that could undermine the idea that steady corporate buying alone can keep the market moving higher.
That matters because Strategy has remade itself into a Bitcoin treasury vehicle, built around ongoing accumulation and a capital structure that now includes dividend-paying preferred stock. In a recent interview with CoinDesk, Saylor said the chance of selling Bitcoin to help fund those payouts was effectively negligible because the company still aims to buy far more Bitcoin than it sells. But the pressure on that argument has intensified after Strategy disclosed that it sold 32 Bitcoin between May 26 and May 31, raising about $2.5 million for preferred stock distributions.
Michael Saylor’s “dead money” critique is the watchpoint if Bitcoin stays rangebound through the next macro headline.