Bitcoin’s price slid to around $62,000 on a Friday, prompting a stark warning from Ki Young Ju, the CEO of CryptoQuant. He highlighted that Michael Saylor’s ongoing purchase strategy may not shield the market from what he views as its most dangerous enemy: a prolonged period of apathy.
In a post on X from June 19, Ki Young Ju argued that the digital asset’s real danger isn’t a sudden downward spiral. Instead, a lengthy phase of unimpressive returns could steadily chip away at investor trust, making it tougher for Bitcoin to draw in new funds and sustain the stories that fueled past rallies.
Discussing Strategy’s market impact, Ju contended that simply acquiring more Bitcoin doesn’t tackle the core problem. He stated that Saylor’s main task isn’t just buying more coins; it’s about crafting a fresh reason for the market to have faith.
These remarks come as worries about Strategy’s financial setup intensify. The company’s preferred stock, STRC, recently hit a new low near $82, well under its $100 par value, raising alarms about investor appetite.
Ju noted that while investors can stomach sharp drops if they expect a rebound, extended sideways movement poses a distinct challenge. A drawn-out bear market could sap enthusiasm for Bitcoin and add strain to Strategy’s ability to raise funds. He warned that STRC is most at risk when Bitcoin meanders for years rather than seeing a quick decline, as fading interest could hurt demand for the company’s securities.
Similar worries have surfaced on Wall Street. Market maker QCP estimated that Strategy’s current cash position gives it roughly seven and a half months to cover dividend payments. QCP also observed that the firm has bought back nearly $1.5 billion in 2029 convertible notes while raising about $200 million through MSTR share sales. In QCP’s view, selling Bitcoin might become a choice if Strategy wants to keep up dividend payments while sticking to its treasury plan.
Longtime Bitcoin critic Peter Schiff has also chimed in, arguing that investors who bought STRC for income may have downplayed the dangers. He further claimed that future fundraising could get costlier if new investors want higher yields to compensate for the stock’s drop below par.
Looking past Strategy, Ju stressed that Bitcoin needs a new narrative to pull in the next wave of capital. He pointed out that major milestones once seen as distant—like the approval of spot Bitcoin ETFs and growing U.S. political support—have already happened. Ju recalled that when he founded CryptoQuant in 2018, he strongly believed a Bitcoin ETF would eventually get the green light, and he also expected a future U.S. president to openly back Bitcoin as a strategic reserve asset. With those developments now reality, Ju questioned what catalyst could unite investors in the next adoption phase. Although Michael Saylor has floated ideas like Bitcoin banking and digital credit, Ju expressed doubt about whether those concepts would click with everyday people.
The warning arrives as financial conditions stay tight. Earlier that week, Federal Reserve Chair Kevin Warsh led a unanimous vote to hold interest rates steady at 3.50% to 3.75%, with policymakers signaling inflation remains above target. Higher borrowing costs continue to pressure risk assets, adding another hurdle for Bitcoin at a time when investors are already hunting for a new source of conviction.
Despite the gloom, Saylor remains upbeat. Speaking at BTC Prague 2026, the Strategy executive chairman predicted Bitcoin could eventually hit $7 million per coin and argued the network’s value might one day expand to $100 trillion, highlighting the gap between his long-term vision and the worries raised by critics.