Saylor says Bitcoin volatility has eased to about 50%

He argued that price swings have declined as the asset matures. “I think we are getting a lot less volatility,” he noted, adding that when the company began buying Bitcoin in 2020, annualized volatility was near 80%. He expects it to decrease by a few points every few years and approach about 1.5 times the S&P 500’s volatility over time.

Bitcoin pulled back sharply over the past week, trimming part of its year-to-date advance. Saylor disputed that the drop reflects structural weakness. “Bitcoin is stronger than ever,” he stated.

MicroStrategy holds 649,153 Bitcoin, worth about $59.6 billion at the time. The company’s shares often trade at a premium or discount to the market value of those holdings; that premium has narrowed in recent sessions. The market-to-net-asset-value multiple stands near 1.11x, down from about 1.52x near Bitcoin’s recent peak. With the selloff, MicroStrategy closed at $206.80, a 5-day decline of 11.5%.

Saylor indicated he would not be concerned if the slump deepened. “The company is engineered to take an 80 to 90% drawdown and keep on ticking,” he told the interviewer. “So I think we’re pretty indestructible.”

He also rejected claims that greater Wall Street participation has distorted Bitcoin’s price behavior, asserting that volatility has lessened as liquidity and adoption expand.

Some market participants remain cautious. Trader Peter Brandt warned that MicroStrategy could be left “underwater” if Bitcoin’s chart were to follow the 1970s soybean bubble pattern, a scenario he views as possible based on historical analogs.

As we covered previously, on-chain metrics indicated that about 40% of MicroStrategy’s Bitcoin was at an unrealized loss when BTC slipped near $91,000 after a roughly 14% weekly decline, with the latest 8,178-BTC purchase showing an estimated $88 million paper loss. The company began building its position in 2020 and has funded buys with cash flow, debt, and equity issuance.