Regarding Bitcoin’s recent price movements, Michael Saylor, chairman of the board of directors of Strategy company, is of the opinion that the crypto market has passed an important threshold. Saylor, who has made major investments in the field of digital assets with his company, has been known for his advocacy of Bitcoin for a long time and is closely followed by market evaluations.
Market Balance and Selling Pressure in Bitcoin
At a recent investor event, Michael Saylor shared his opinion that Bitcoin found the bottom level around $60,000. Saylor pointed out that the main factors in the recent decline of the cryptocurrency are miners working with high debt and weak sellers in the market.
The main opinion here was that the selling pressure decreased significantly after the sellers who were in a difficult situation exchanged their Bitcoins. Saylor suggested that factors such as stability in ETF purchases in the market, increased liquidity expectations and companies starting to allocate more space to Bitcoin in their reserves limit downside risks.
Bitcoin price was last traded at $71,200, during a period when developments in the Middle East were closely monitored. This figure indicated a picture consistent with the market expectation that the selling pressure had eased.
Quantum Computing and Bitcoin Security Debates
Continuing his speech, Michael Saylor also made evaluations about whether quantum computers could pose a threat to crypto systems, which is another topic on the agenda in the market.
According to Saylor, it will be a long time before quantum computing technology poses a real risk to Bitcoin’s security. He also emphasized that if such a threat arises, the open source nature of the network allows software developers to quickly develop quantum-resistant updates.
“The flexibility of the network structure will enable new security standards to be easily implemented before a serious threat occurs.”
Saylor’s perspective is shared by some analysts on Wall Street. Bernstein opined that a possible quantum risk should be seen as a manageable update process. On the other hand, Benchmark does not expect such a development in the short term.
On the other hand, Google researchers warned that advances in quantum technology may occur earlier than expected, leading to discussions throughout the industry about how and at what pace this issue should be addressed.
