'Bitcoin is always a volatile journey', says Strive CEO

Added: 2026-06-06

[00:00:00]Bitcoin's always a volatile journey, and that's something that you have to expect in the asset. You mentioned that this was the largest decline in Bitcoin since November of 2022.

[00:00:11]That is correct. That would have also been the time to buy the literal bottom of the last bear market. And so, the question really becomes has the fundamentals of Bitcoin changed? And I think the fundamentals have actually never been better. We've seen the institutionalization of Bitcoin, Bitcoin ETFs proliferate, corporations like strategy, like strive, become major buyers of Bitcoin. And you also mentioned strategy selling 32 Bitcoin last week. It's also important to note that even in that month, the month of May, they bought over 20,000 Bitcoin on a net basis. And so, my expectation with strategy is they're going to be net buyers of Bitcoin for months to come.

[00:00:54]And so, people that have that fear, I think that'll age poorly, but it makes sense that they would be a little bit scared right now.

[00:01:01]>> Um, I suppose, Matt, that in the space for Bitcoin, um, faith and trust is doing a lot of the heavy lifting, much like your good self, I think, given the uh the size of the weights we can see just behind you. Um, but I just wonder if there's any more to it than that, given that this remains an asset without, um, a solid valuation. You can't assess its its its earnings or its performance. It it it it feels very much a speculative asset.

[00:01:34]>> Yeah, ultimately, fiat currencies are are the ultimate speculative asset, and and this is actually why I became a Bitcoiner in the first place. I used to work at CalPERS.

[00:01:44]For those that don't know, that's the largest pension fund in the United States, it's over half a trillion dollars. I managed a couple of their portfolios, one of them was their US Treasury portfolio. So, I was a buyer of about 35 billion dollars of US debt. And my conviction is that the debasement of fiat currencies is going to continue into the future. If anything, it will compound. It's averaged about 6 to 7% per year. And as we move into this digital future, this AI future, there is no more scarce digital asset than Bitcoin. And And so, I think that trust in Bitcoin's network and is with reason.

[00:02:25]It's with substantial reason, and I think it is a very solid foundation for it to grow on. This is the fifth time right now with Bitcoin at 61,000 in its history where it's been at the 200-week moving average.

[00:02:40]The previous four have all been the perfect time to buy the dip, and I think this time will age in the same manner.

[00:02:46]It's a good time to buy.

[00:02:48]>> It's still though far too volatile, isn't it, to be considered a reliable currency? I mean, if you were holding currency and it made the sort of moves we've seen Bitcoin make within a day, I mean, from spending it in the morning to spending it in the evening, you know, the value of what you get for it vastly differs, doesn't it?

[00:03:10]>> I completely agree with you on on that.

[00:03:13]It's a store of value over time. It's It's not a the reserve currency of the world today. The dollar is the reserve currency of the world today. I think we're moving towards a Bitcoin denominated future. And this is actually why we came up with the idea of digital credit. So, Strive has a perpetual preferred equity security. It pays a 13% annualized dividend. In less than 2 weeks, it's going to literally pay that every single day. The first daily paid dividend in US capital markets history.

[00:03:43]And the reason is is that that asset in and of itself, so Bitcoin's down more than 50% from its all-time high right now, during that decline, digital credit both strive SATA and MicroStrategy's STRC has actually had a positive total return. And so that has smoothed out the volatility with Bitcoin risk and then our common equity shareholders underwrite that risk. So I agree with you today, Bitcoin cannot be really relied on as money. I think that'll change in the future and I think digital credit is that transition asset to help make that happen.

[00:04:18]>> And Mike, you were buying while strategy was selling and you just referred there to buying the dip. I mean, do you look to market time?

[00:04:26]>> No, we're perpetual Bitcoin bulls. And so what we really underwrite is on average about a 30% compounded annual growth rate for Bitcoin, which is lower than what it has been historically, but still obviously a very healthy rate of return into the future. And so we're always looking to buy. Strategy's also always looking to buy. It's important to note that their 32 Bitcoin sell represented less than 0.004%.

[00:04:56]So if you round down, it's literally 0.00% of their Bitcoin. I don't think they need to sell Bitcoin. I think they were doing it to prove a point.

[00:05:05]And we're going to be buying the dip. I expect strategy to be buying the dip as well.