Saylor argues that a fixed supply paired with growing institutional buying and broader custody tools makes a future of massive price gains possible. He points to more banks, more spot ETFs and bigger corporate allocations as proof that demand has matured.<\/p>\n
\nIf it\u2019s not going to zero, it\u2019s going to a million. $BTC<\/a><\/p>\n
\u2014 Michael Saylor (@saylor) February 20, 2026<\/a><\/p>\n<\/blockquote>\n
A Warning From The Other Side<\/h2>\n
Reports note that not everyone agrees. Mike McGlone of Bloomberg has sketched a darker path, one where price pressure and macro shocks could push values much lower \u2014 even toward $10,000.<\/p>\n
That view is rooted in history: markets can fall a long way before confidence returns. Short-term moves can be savage. Longer swings can be slower to recover. Both views are true on their own terms, because they answer different questions about time and risk.<\/p>\n
\nBalance Sheet And Funding<\/p>\nBased on reports, the firm backing Saylor\u2019s posture holds a very large stake: 717,131 BTC bought at an average cost of $76,027 a coin. That position is underwater for now. Still, financing choices matter. Strategy<\/a> relies on equity, convertible notes, and preferred shares to meet cash needs.<\/p>\n
Arkham Intelligence has mapped out that preferred dividends are optional and redemptions are not automatic, which lowers the chance of forced sales right away. That setup buys time, though it does not erase exposure if prices stay low for a long stretch.<\/p>\n
\nSAYLOR IS UNDERWATER. BUT WILL HE SELL BTC?<\/p>\n
Saylor is over 10% underwater from his average purchase price. But what could actually force him to sell Bitcoin?<\/p>\n
Here\u2019s an explainer of how, when and why Strategy might be forced to sell BTC. pic.twitter.com\/uKbJ3ivO54<\/a><\/p>\n
![\"\"](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/02\/a_f63c8e.png?resize=595%2C377\")
<\/p>\n