Key Takeaways
- •Michael Saylor asserts that Bitcoin's volatility is decreasing and disputes claims that Wall Street's involvement has destabilized the market.
- •Strategy's mNAV and MSTR share prices have declined in tandem with Bitcoin's recent 12% weekly drop.
- •Saylor maintains that Strategy can withstand an 80-90% Bitcoin drawdown, though trader Peter Brandt has expressed concerns about the company's risk exposure.
Bitcoin Market Stronger Than Ever Despite Price Slump, Says Saylor
Michael Saylor, executive chairman of Strategy, has dismissed concerns that the increasing participation of Wall Street in Bitcoin has led to distorted volatility and market behavior. Speaking in a Fox Business interview, Saylor argued that Bitcoin has actually become more stable over time. "I think we’re getting a lot less volatility," he stated, observing that the cryptocurrency has matured significantly since institutional investors entered the market.
₿etter than Ever. Today I was the warm-up act for @natbrunell as we both talked Bitcoin with @cvpayne. You’ll want to hear what she had to say. pic.twitter.com/vDaFceyeza
— Michael Saylor (@saylor) November 18, 2025
Bitcoin's Volatility Trend is Decreasing
Saylor recalled that when Strategy (formerly MicroStrategy) began accumulating Bitcoin in 2020, the asset exhibited an annualized volatility of approximately 80%. He estimates this figure has now fallen to around 50%, with further reductions anticipated as Bitcoin continues to develop. He projected that Bitcoin's volatility could decrease by another "five points" every few years, eventually aligning at about 1.5 times the volatility of the S&P 500, while simultaneously delivering "1.5 times better performance."
Bitcoin itself has experienced a volatile week, dropping nearly 12% to approximately $91,616, thereby erasing earlier gains made in 2025.
Strategy's Metrics Affected by Bitcoin Pullback
Despite Saylor's optimistic outlook, Strategy's financial metrics have been impacted by the market correction. The firm, which currently holds 649,870 BTC valued at $59.59 billion, has seen its mNAV multiple decrease to 1.11x, down from approximately 1.52x when Bitcoin reached a record high of $125,100 on October 5. The company's stock performance has mirrored Bitcoin's downturn, with Strategy (MSTR) closing Tuesday at $206.80, representing an 11.50% decline over the past five days.
Saylor Confident in Strategy's Resilience Against Market Crashes
Even with the market cooling, Saylor remains unfazed. He stated, "The company is engineered to take an 80 to 90% drawdown and keep on ticking," emphasizing that Strategy's leverage is currently "extremely robust," with debt exposure trending towards "the level of 10 to 15% going toward zero." He described the company as "pretty indestructible." Bitcoin analyst Willy Woo also believes that Strategy is well-positioned to navigate the next significant crypto downturn without liquidating any of its substantial BTC reserves.