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While crypto market participants are digesting the brutal sell-off of early June, Michael Saylor is trying to recast market panic into a new philosophy and move the focus away from the balance sheet of his own company, whose Bitcoin portfolio has gone into an unrealized loss of $10 billion.
BTC fell below $63,000, recording a daily low near $62,239, and against this backdrop, the head of Strategy released a manifesto titled "The Four Ideologies of Bitcoin" - an attempt to prove that the ecosystem is doing fine, in which Saylor divides the community into four camps: maximalists, who provide faith; capitalists, who integrate the asset into traditional funds; technologists, who are responsible for L2 solutions; and fundamentalists, who protect decentralization.
4 camps battling for control over Bitcoin's future
The main thesis of the essay is that Bitcoin needs both radical cypherpunks and Wall Street giants like BlackRock. The network must expand, but its base layer must remain ultraconservative, while all commercial and technological experiments are moved to upper layers.
While Saylor describes the architecture of the future, current reality is hitting Strategy's metrics: the company's "paper" loss has reached $10.8 billion. The corporation holds 843,706 BTC on its balance sheet at an average purchase price of $75,699, which is valued at $52.3 billion at the current market price.
The situation in the market was also worsened by the fact that in late May, Strategy violated its own "never sell" doctrine for the first time, liquidating 32 BTC for $2.5 million. The company had to take this step to finance dividend payments on its STRC preferred shares after their price fell below par value.
Saylor himself explains the broader crypto market decline through temporary factors, namely the rotation of investor capital into artificial intelligence projects. For the market, this is a familiar signal that Strategy does not plan to panic and may begin new purchases on the dip.
Dan Burgin
