Overview
- On July 5 Michael Saylor published an essay saying the historic four‑year halving is no longer the main driver of Bitcoin price.
- Strategy formalized that view on June 29 by announcing a digital credit capital framework, a USD reserve policy, share repurchases and a Bitcoin monetization program.
- Strategy has materially expanded its holdings to more than 4% of circulating supply and earlier market weakness pushed its market value below the value of its Bitcoin reserves.
- Market players disagree about the shift with 21Shares and others saying the post‑halving pattern still explains recent peaks and drops.
- Saylor warns that institutionalization creates risks such as excess claims on Bitcoin, custodial centralization, greater regulator focus and the need to test whether fee revenue will sustain the network as block rewards fall.