CryptoQuant CEO Ki Young Ju has questioned whether Michael Saylor’s Bitcoin purchases can prevent further market weakness. He said the cryptocurrency faces a deeper problem than short-term price losses as investor interest fades.
Ju argued that Bitcoin needs a fresh reason to attract capital and rebuild market confidence. Strategy has kept buying BTC, but pressure on its shares and preferred stock has raised fresh doubts about its funding model.
Ju said Bitcoin’s main threat may not come from a sudden market crash. Instead, he warned that years of weak or sideways trading could cause investors to lose interest.
“Bitcoin’s biggest risk is not a crash. It is boredom,” Ju wrote in a post on X.
According to Ju, investors may accept a sharp fall when they expect prices to recover. A long period without gains creates a different problem, as demand can decline and popular market stories can lose support.
He also questioned whether Strategy’s continued Bitcoin purchases can solve that challenge. “That’s why Saylor’s real challenge is not just buying more Bitcoin. It is giving the market a new reason to believe,” he said.
Strategy has used stock sales and other financial products to raise money for Bitcoin purchases. However, Ju said the model could face pressure if BTC trades within a narrow range for several years.
“Saylor’s STRC structure becomes truly dangerous not when Bitcoin simply crashes, but when Bitcoin spends years moving sideways and the bear market drags on,” Ju wrote.
STRC, Strategy’s preferred stock, recently traded near a record low of about $82. The weakness has raised questions about whether the company can keep issuing preferred shares under favorable terms.
Strategy reportedly paused new preferred stock issuance and sold a small amount of Bitcoin to cover dividend payments. The move attracted attention as the company had previously promoted a long-term holding policy.
Strategy purchased 1,587 Bitcoin for about $100 million between June 8 and June 14. The company funded the deal after raising about $209 million through sales of MSTR shares under its at-the-market program.
A June 15 regulatory filing stated that the purchase increased Strategy’s total holdings to 846,842 BTC. The company bought the coins while Bitcoin traded below Strategy’s reported average purchase cost of about $75,700.
Meanwhile, lower Bitcoin prices have reduced the market value of the company’s reserves. Strategy’s BTC position has lost billions of dollars in value in 2026, despite the company adding more coins.
Critics have also questioned whether dividend payments and weaker preferred shares could force Strategy to sell more Bitcoin. Saylor has dismissed concerns about the company’s long-term plan and has signaled that additional purchases may follow.
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Ju said Bitcoin’s core network has not changed, but the stories supporting each market cycle have shifted. Past narratives included digital gold, financial freedom, institutional adoption and approval of spot Bitcoin exchange-traded funds.
Many of those events have already happened. Ju doubts that Bitcoin banking and digital credit can attract ordinary investors.
“Saylor is now pushing Bitcoin banking and digital credit, but I don’t think those concepts are easy for ordinary people to understand,” he wrote.
Ju said more financial institutions could still enter the market and Bitcoin could rise over the long term. Still, he questioned what could drive the next large wave of capital.
“Bitcoin does not just need another catalyst,” Ju said. “It needs a new center of gravity that can unite believers again.”