Michael Saylor, the Bitcoin pioneer and executive chairman of Strategy, joins CNBC Squawk Box to explain why the company is aggressively buying more Bitcoin even amid price volatility and market pullbacks. With Bitcoin trading under $70,000, Saylor reveals Strategy just added another $90 million worth to its massive stockpile, reinforcing its position as the world's largest corporate Bitcoin holder. He stresses that Bitcoin is digital capital, delivering 2 to 4 times the performance of traditional assets like gold, equities, or real estate over multi-year periods, while its higher volatility i...
Questions asked in this interview
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1:15Is there any argument to be made though, and given that Bitcoin has sort of done a round trip since the beginning of this administration, that we are now finally getting to some kind of price discovery moment that's fundamentally different?
3:09Just so we all understand, what is the price at which this story gets much more complicated for you and therefore the rest of the Bitcoin community?
3:49But you think banks would lend to you at that point?
4:32So that includes the debt due next year as well?
5:14Why do you think the stock's down 60% over the last year?
6:06I don't know if you think that's true or not or whether you think there's a possibility it could fall below that, in which case what happens to those miners?
7:45Real quick, if you were to make a prediction about where Bitcoin is, call it 12 months from now, what do you think?
Big story of the morning. Bitcoin prices remaining pretty volatile. We are still under 70,000 right now. Strategy though is buying more, adding about $90 million worth to its stockpile. Joining us right now is Michael Saylor, Strategy Executive Chairman and founder, doubling down, sir, at a time when others have gotten pretty nervous about what's going on. I want to get into your business and so much more. But just speak to the way you think the price action and movement has taken place. A lot of people trying to come up with an explanation and I'm curious what yours is.
I think the key to keep in mind is that Bitcoin is digital capital. It's going to be two to four times as volatile as traditional capital like gold or equity or real estate. It's got two to four times the performance this decade of traditional capital. It's the most useful global capital asset in the world. You can put more leverage on it. You can trade it in more ways than any other kind of capital asset. So the volatility is the bug, but the volatility is the feature. And we believe that digital capital, because it's so much more performance, is the basis for an entirely new set of financial instruments that we call digital credit.
Is there any argument to be made though, and given that Bitcoin has sort of done a round trip since the beginning of this administration, that we are now finally getting to some kind of price discovery moment that's fundamentally different? That in the past, Bitcoin, because it wasn't in ETFs, because it wasn't as broad-based, that there wasn't the kind of price discovery that's now available today and maybe these prices are more realistic than what had been the case before.
Well, there's no doubt the asset is seasoning and that's a good thing. We just had an all-time high, Andrew, four months ago, October 6th, I believe. So if you've got a time horizon of less than four years, you're not really a capital investor. You're a trader. And the traders are having a field day with the volatility. Good for them. But the capital investors are looking at four years. And if you look at a four-year time frame, Bitcoin is two to three times the performance of the alternative capital assets. And anything built on Bitcoin over a four-year or more time frame is going to outperform for the same reason.
The concern, as you know, about Strategy itself, to the extent that there are worries within the Bitcoin community, is that if Bitcoin continues to fall, and I know you've made the argument that you have enough cash on hand to handle this for the next two years, that there could be a moment at which you have to sell, not buy.
Yeah, that's an unfounded concern. The truth is our net leverage ratio is half the typical investment grade company. We've got 50 years worth of dividends in Bitcoin. We've got two and a half years worth of dividends just in cash on our balance sheet. So we're not going to be selling. We're going to be buying Bitcoin. I expect we'll be buying Bitcoin every quarter forever.
Just so we all understand, what is the price at which this story gets much more complicated for you and therefore the rest of the Bitcoin community? I think there's a sense that given how large a player you are, if the price of Bitcoin were to fall to a place and continue to stay there for two and a half years from now and you were forced into a selling position, that unto itself could create a cascading problem.
Yeah. Because the volatility of Bitcoin is such that there's always going to be value. Look, you're at 68,000 right now. It literally has to fall to 8,000. Then we just refinance the debt. If you think it's going to zero, then we'll deal with that. But I don't think it's going to zero. And I don't think it's going to 8,000 either. But the credit risk is diminimous at this point.
I guess the bigger question is, I know you have a stock of cash that you can use to continue to pay out the dividends and beyond. How long does that carry you through?
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Saylor, M. (2026, February 10). Michael Saylor: We Won't Sell Bitcoin – We'll Buy EVERY Quarter FOREVER | CNBC Full Interview [Interview transcript]. Vampyre Drakul. CEOInterviews.AI. https://ceointerviews.ai/interview/921065/
MLA
Michael Saylor. "Michael Saylor: We Won't Sell Bitcoin – We'll Buy EVERY Quarter FOREVER | CNBC Full Interview." Vampyre Drakul, 10 Feb. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/921065/.
BibTeX
@misc{saylor2026_921065,
author = {Michael Saylor},
title = {Michael Saylor: We Won't Sell Bitcoin – We'll Buy EVERY Quarter FOREVER | CNBC Full Interview},
howpublished = {Interview transcript, Vampyre Drakul. CEOInterviews.AI},
year = {2026},
month = {feb},
url = {https://ceointerviews.ai/interview/921065/},
note = {Speaker-attributed transcript with timestamps}
}
