Michael Saylor Says Bitcoin Has Won, But Stops Buying BTC

Michael Saylor recently declared that Bitcoin has won, but warned that its biggest threat now comes from within. His company, Strategy, has surprised the market by going five weeks without buying a single coin. Instead of adding to its crypto balance, the firm built a cash reserve of $3.75 billion by selling company shares, even as its stock price trades far below its yearly highs.

The pause comes during a heated debate over BIP 110, a proposed soft fork that aims to cap arbitrary data fields in Bitcoin transactions. Saylor argues that changing consensus rules poses a severe risk to the network, calling it a self inflicted wound. Other prominent industry figures have also voiced opposition to the proposal, creating a deep split among developers as a critical August signaling window approaches.

Strategy still holds 843,775 coins, which puts it behind its goal of reaching 1 million BTC by the end of the year. With Bitcoin trading below the company's average purchase cost, the firm is prioritizing dollar reserves to cover preferred obligations. Market participants are watching to see if the accumulation pause continues and how the upcoming protocol debate affects network sentiment.