Bitcoin fell to around $62,000 on Friday, while CryptoQuant CEO Ki Young Ju warned that Michael Saylor’s continued accumulation strategy may not be enough to address what he considers the market’s most serious threat.
Summary
- Ki Young Ju warned that Bitcoin’s biggest threat is prolonged stagnation rather than a sudden crash.
- Ju argued Strategy’s Bitcoin purchases cannot replace the need for a new market narrative.
- QCP, Peter Schiff, and Ju have all raised concerns about pressure on Strategy’s STRC structure.
In a June 19 X post, Ki Young Ju argued that Bitcoin faces a greater threat than a sudden price crash. According to the CryptoQuant CEO, a prolonged period of weak performance could gradually erode investor conviction, making it harder for the asset to attract fresh capital and maintain the narratives that have supported previous bull markets.
Discussing Strategy’s role in the market, Ju argued that buying more Bitcoin does not solve the underlying issue.
“That’s why Saylor’s real challenge is not just buying more Bitcoin. It is giving the market a new reason to believe.”
The remarks come as concerns surrounding Strategy’s financing structure continue to grow. STRC, the company’s preferred stock, recently fell to a record low near $82, placing it well below its $100 par value and raising questions about investor demand.
Strategy faces pressure if Bitcoin stagnates
While Ju said investors can tolerate sharp drawdowns when they expect a recovery, he argued that extended sideways trading presents a different problem. According to his analysis, a long bear market could weaken enthusiasm for Bitcoin and put additional strain on Strategy’s ability to raise capital.
Ju warned that STRC becomes most vulnerable when Bitcoin spends years moving sideways rather than experiencing a short-lived crash. As investor interest fades, he said demand for the company’s securities could decline, making fundraising more difficult.
Similar concerns have emerged elsewhere on Wall Street. Market maker QCP recently estimated that Strategy’s current liquidity position provides roughly seven and a half months of runway for dividend payments. QCP noted that the company has already repurchased nearly $1.5 billion of convertible notes due in 2029 while raising about $200 million through MSTR stock sales.
In QCP’s assessment, selling Bitcoin could become one option if Strategy seeks to preserve dividend payments while maintaining its treasury strategy.
Criticism has also come from longtime Bitcoin skeptic Peter Schiff. As previously reported by crypto.news, Schiff argued that investors who purchased STRC for income may have underestimated the risks involved. He further claimed that future fundraising could become more expensive if new investors demand higher yields to compensate for the stock’s decline below par value.
Bitcoin still lacks its next defining narrative
Looking beyond Strategy, Ju argued that Bitcoin needs a new story capable of attracting the next wave of capital.
Reflecting on previous market cycles, he noted that major milestones once viewed as distant possibilities have already happened. Ju pointed to the approval of spot Bitcoin exchange-traded funds and growing political support for Bitcoin in the U.S. as examples of narratives that have already played out.
“When I founded CryptoQuant in 2018, I strongly believed a Bitcoin ETF would eventually be approved,” Ju wrote, adding that he also expected a future U.S. president to openly support Bitcoin as a strategic reserve asset.
With those developments now in place, Ju questioned what catalyst could unite investors during the next phase of adoption. Although Michael Saylor has promoted concepts such as Bitcoin banking and digital credit, Ju expressed uncertainty about whether those ideas would resonate with everyday investors.
His warning arrives as financial conditions remain restrictive. Earlier this week, Federal Reserve Chair Kevin Warsh led a unanimous vote to keep interest rates steady at 3.50% to 3.75%, while policymakers indicated inflation remains above target.
Higher borrowing costs have continued to weigh on risk assets, adding another challenge for Bitcoin at a time when investors are already searching for a new source of conviction.
Even so, Saylor remains firmly optimistic. Speaking at BTC Prague 2026, the Strategy executive chairman predicted Bitcoin could eventually reach $7 million per coin and argued that the network’s value could one day grow to $100 trillion, underscoring the gap between his long-term outlook and the concerns now being raised by market critics.
