Michael Saylor Calls Bitcoin’s Drop a ‘Capital Rotation’ to AI as BTC Slides Below $62,000
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Michael Saylor argued on X that the bitcoin selloff reflects a broader capital rotation into AI infrastructure rather than weakening fundamentals for Bitcoin.
Key facts
Wall Street consensus puts combined hyperscaler capital expenditures above $600 billion for 2026 alone, with CreditSights estimating roughly $450 billion of that flowing into AI hardware, servers
The move lowered the company’s outstanding convertible debt from $8.2 billion to $6.7 billion while leaving it with an $871 million cash reserve
Strategy, the largest corporate bitcoin holder in the world with 843,706 BTC, disclosed in a June 1 Form 8-K that it sold 32 bitcoin between May 26 and May 31 at an average price of $77,135 per coin
Bitcoin fell to as low as $61,400 overnight before trimming losses to $62,400 in premarket hours Thursday, down 7% over the past 24 hours and more than 14% over the past week
Summary
Bitcoin fell to as low as $61,400 overnight before trimming losses to $62,400 in premarket hours Thursday, down 7% over the past 24 hours and more than 14% over the past week. The drop has pushed bitcoin into a technical bear market, with bitcoin now off 22.7% from its four-week high, wiping out more than $600 billion in total crypto market value. At the center of the debate is Strategy Executive Chairman Michael Saylor, who took to X on Thursday morning to offer his read on the selloff. “Capital markets are funding the AI buildout at historic scale: ~$400B over 6 months,” Saylor wrote.