Michael Saylor: 'If Bitcoin's Not Going To Zero, It's Going To A Million'

Strategy (NASDAQ:MSTR) executive chairman Michael Saylor doubled down on his Bitcoin (CRYPTO: BTC) conviction, declaring “if it’s not going to zero, it’s going to a million.”

The Million-Dollar Call

Saylor posted the binary prediction on X amid increased market volatility and weakened investor sentiment. 

The statement frames Bitcoin as an all-or-nothing bet: either complete worthlessness or $1 million per coin.

Market analysts view the statement as a reflection of Saylor’s high-risk, high-reward approach. 

Bitcoin’s long-term success depends on global adoption, regulatory clarity, and macroeconomic conditions. 

Critics point to extreme volatility and regulatory risks, arguing such ambitious price targets are purely speculative.

Strategy currently owns 717,131 BTC purchased at an average price of $76,027 for a total of $54.52 billion. With Bitcoin at $68,000, the company sits underwater by roughly $8,000 per coin.

Strategy's Dilution Crisis

Fortune revealed Saylor’s Bitcoin buying strategy collapsed when the stock crashed.

Strategy’s shares outstanding exploded from 76 million in Q2 2020 to 314 million today—a 313% increase that dwarfs every other major U.S. company.

When MSTR traded at $457 last summer, Saylor could sell 1,000 shares and buy 3.8 Bitcoin. 

The stock price rose faster than Bitcoin, so selling shares to buy more Bitcoin increased how much Bitcoin each shareholder effectively owned.

At $131 today, that math reversed. Selling stock to buy Bitcoin now dilutes shareholders instead of enriching them. Every share sale reduces Bitcoin per share rather than increasing it.

Saylor pivoted to preferred stock to hide the problem. Strategy raised $7 billion in preferred stock in 2025 at junk rates averaging over 10%—costing $888 million annually in dividends.

Combined with $8.2 billion in debt, these payments drain cash while Strategy generates no operating income.

The Technical Weakness

MSTR is bouncing roughly 20% above the $105-$110 capitulation low. 

However, the Parabolic SAR at $137.88 sits overhead in bearish territory. All EMAs stack above price: 20 EMA at $130.67, 50 EMA at $140.61, 100 EMA at $159.67, and 200 EMA at $200.19.

Critical resistance sits at $140-$145, including the 50 EMA and a descending trendline.

Above that, the broken support-turned-resistance at $155 represents a major hurdle. MSTR needs to reclaim this level to suggest the worst is over.

Immediate support is $125, followed by the critical $110-$115 capitulation zone. Breaking below $110 opens the door to $90-$95 with minimal support visible.

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