Bitcoin at the Start of a New Bull Market

Video: Bitcoin Is at Beginning a Bull Market, Says Strategy's Saylor

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Oct 25, 2026 · based on the channel Bloomberg Tech

Michael Saylor says bitcoin is at the beginning of a bull market. The Strategy founder and executive chairman points to two forces doing the work: a more favorable regulatory backdrop and accelerating adoption by banks. He made the case in an interview from DC Fintech Week on Bloomberg Crypto, and the full technology coverage is collected on Bloomberg's technology hub.

What Saylor actually claims about bitcoin

The core of Saylor's argument is that bitcoin's next leg higher is being built on institutional plumbing rather than retail speculation. Regulation has moved from hostility to something closer to a workable framework, and banks — the institutions that once treated crypto as a compliance problem — are now building custody, trading and settlement products around it. In his framing, that combination turns bitcoin from a niche asset into something a mainstream balance sheet can hold.

Saylor has made this bet personally and corporately. Strategy is the largest corporate holder of bitcoin, funded largely through equity and convertible debt issuance, which means the company's stock has become a leveraged proxy for the asset. When he says the bull market is beginning, he is describing the thesis his company is financially committed to, not a neutral forecast.

Why banks and regulation are the real catalysts

Bank adoption matters because it changes who can own bitcoin and how easily. A few concrete mechanics explain the shift:

1. Custody services let institutional clients hold bitcoin without building their own key management.
2. Brokerage integration allows advisers to allocate client money to spot bitcoin products inside existing accounts.
3. Clearing and settlement rails reduce the operational risk that kept conservative treasuries on the sidelines.
4. Regulatory clarity lowers the legal risk of offering these services, which is the precondition for the other three.

Each step expands the pool of capital that can reach the asset without leaving a regulated environment. That is the mechanism behind Saylor's claim, and it is why he frames the current period as an early stage rather than a late one.

The strongest counterarguments

Skeptics make a fair point: bitcoin has spent long stretches far below its previous all-time high, and calling a bull market from that position looks premature to anyone watching the chart rather than the adoption curve. Others argue that the four-year halving cycle, not bank adoption, sets the timetable, and that the bottom and top of each cycle can be mapped in advance.

There is also a structural concern specific to Strategy. Because the company funds purchases with debt and equity, its stock can be sold off hard even when bitcoin itself is firm — a pattern shareholders have noticed on strong bitcoin days. And index providers reviewing whether leveraged crypto treasury companies belong in mainstream benchmarks add another variable that has nothing to do with bitcoin's fundamentals.

None of this refutes Saylor's thesis, but it shows why the trade is not a simple one-way bet on adoption.

How to read a bull market call like this

Treat a public call from a large holder as a thesis to test, not a signal to follow. Three practical checks:

• Separate the argument from the position. Saylor's company benefits directly from higher prices, so weigh the bank-adoption evidence on its own merits.
• Watch the adoption data, not the headline. Custody launches, bank product approvals and regulatory decisions are verifiable; the label "bull market" is not.
• Size positions for volatility. Bitcoin drawdowns of 50% or more have occurred inside longer uptrends, and leveraged vehicles amplify both directions.

Saylor's own framing — that bitcoin changes you rather than the reverse — is a reminder that the asset rewards patience over prediction, but patience still requires position sizing you can survive.

Where to follow the coverage

Bloomberg Tech published the interview and maintains the surrounding reporting on markets, technology and crypto. The main destinations:

• Bloomberg Technology for daily coverage and analysis
• Bloomberg Tech on X for breaking items
• Bloomberg Tech on Facebook
• Bloomberg Business on Instagram
• Ed Ludlow on X, host of Bloomberg Tech

What the call means for bitcoin investors

Saylor's bull market call rests on regulation and bank adoption, two forces that are slow, verifiable and largely independent of short-term price action. That makes the thesis testable: watch custody launches, bank product approvals and rulemaking, and judge the cycle by those markers rather than by a single interview. At the same time, remember that the speaker runs the largest corporate bitcoin holder, so his optimism is aligned with his balance sheet. For the original interview and ongoing reporting, see Bloomberg Technology; the segment was produced by the Bloomberg Tech team.

Source: Bitcoin Is at Beginning a Bull Market, Says Strategy's Saylor · Markdown version