# Bitcoin Enters New Bull Market Phase

Michael Saylor says bitcoin is at the start of a bull market, driven by clearer regulation and bank adoption, even as price sits far below its all-time high.

Source: https://lunaris-spin5.top/bitcoin-enters-new-bull/ · based on the channel [Bloomberg Tech](https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg) · Video: [Bitcoin Is at Beginning a Bull Market, Says Strategy's Saylor](https://www.youtube.com/watch?v=fki9hxwRUfs) · 2026-10-25

![Bitcoin Enters New Bull Market Phase](https://lunaris-spin5.top/bitcoin-enters-new-bull/bitcoin-enters-new-bull.webp)

## Key takeaways

- Michael Saylor, founder and executive chairman of Strategy, called bitcoin's current phase the beginning of a bull market at DC Fintech Week.
- Saylor credits favourable regulation and accelerating bank adoption as the two drivers behind his view.
- The interview aired on Bloomberg Tech's "Bloomberg Crypto" segment with Tim Stenovec.
- Bitcoin is trading well below its prior cycle high, which critics cite as evidence against a bull-market call.
- Strategy remains one of the largest corporate holders of bitcoin, making Saylor's public stance a market signal.

Michael Saylor says bitcoin is at the beginning of a bull market, not the end of one. The Strategy founder and executive chairman made the call during an exclusive interview from DC Fintech Week on Bloomberg Tech, pointing to two forces: a clearer regulatory environment and accelerating adoption by banks. For readers tracking the sector, [Bloomberg's technology coverage](https://www.bloomberg.com/technology) is where the broader context on crypto and financial technology keeps landing.

## What Saylor actually said about bitcoin

The core of Saylor's argument is that bitcoin's next leg up is being built on institutional rails rather than retail speculation. In the Bloomberg Crypto segment, he framed the current period as the early innings of a bull market, with favourable regulation and bank adoption as the accelerants.

That is a meaningful shift in emphasis for Saylor. For years his public case rested mainly on scarcity and on Strategy's balance-sheet strategy of accumulating bitcoin. Now the pitch leans on plumbing: regulated access, banking partners, and a policy backdrop that no longer treats the asset as an enforcement target first and an asset class second.

## The two drivers behind the call

Saylor named two specific catalysts, and each deserves separate scrutiny.

1. **Regulation.** A more predictable rulebook lowers the legal risk for institutions that previously stayed on the sidelines. When compliance teams can model the rules, allocation decisions move from "never" to "how much."
2. **Bank adoption.** Banks touching bitcoin — whether through custody, trading desks or client products — widens the funnel of capital that can reach the asset without users ever opening a crypto-native account.

Both drivers are slow-moving. That is precisely why Saylor describes the phase as a beginning rather than a peak: adoption curves of this kind compound over quarters, not weeks.

## Why the bull market label draws scepticism

The strongest objection to Saylor's framing is arithmetic. Bitcoin has spent much of the recent period far below its previous cycle high, and at points has traded at roughly half of that peak. Calling a bull market while price sits well under the old top is, for critics, a stretch.

There is also a track record problem. Saylor's public optimism has been unwavering through drawdowns, which is admirable as conviction but weak as a timing signal. Viewers of the interview were quick to point out that bullish commentary from large holders has, in past cycles, coincided with periods when retail buyers absorbed supply at higher prices.

A fair reading: Saylor is making a structural argument about adoption, not a price forecast for the next quarter. Those are different claims and should be judged separately.

## The four-year cycle debate

A recurring theme among bitcoin holders is the halving-linked four-year cycle, and whether the current drawdown marks a cycle bottom or a pause inside a longer uptrend. Saylor's comments do not settle that debate, and he does not claim to time cycles.

The practical takeaway for cycle watchers is that institutional adoption can distort the old pattern. When banks and regulated vehicles become marginal buyers, flows depend on policy calendars and product approvals as much as on miner supply schedules. Treat the four-year model as a heuristic, not a law.

## Questions traders are asking after the interview

Several practical doubts come up repeatedly around calls like this one.

- **Why does Strategy's stock sometimes fall on strong bitcoin days?** A listed company trading at a premium to its bitcoin holdings is sensitive to that premium, not just to the coin. When the premium compresses, the stock can lag even as bitcoin rises.
- **Should retail investors copy a corporate treasury strategy?** No. Strategy can issue equity and convertible debt to buy more bitcoin; an individual using leverage faces margin calls that a long-horizon corporate balance sheet does not.
- **Is bank adoption already visible in price?** Partly. Announcements move price quickly, but actual custody balances and client flows build slowly and show up in filings and quarterly disclosures.
- **What would falsify the bull case?** A regulatory reversal, a wave of bank partners exiting crypto custody, or a sustained period where institutional inflows stay flat while supply grows.

## How to weigh a high-profile bull call

Treat any single voice, including Saylor's, as one input. A workable checklist:

1. Separate the adoption thesis from the price thesis.
2. Check whether the catalysts named are measurable — policy changes, bank product launches, custody volumes.
3. Size positions so that being early by several quarters does not force an exit.
4. Watch Strategy's own disclosures for how the company funds further purchases, since that reveals its confidence level.

## Sources and further reading

- Bloomberg technology coverage: https://www.bloomberg.com/technology
- Bloomberg Tech on X: https://twitter.com/technology
- Bloomberg Technology on Facebook: https://www.facebook.com/BloombergTechnology
- Bloomberg on Instagram: https://www.instagram.com/bloombergbusiness/
- Ed Ludlow on X: https://twitter.com/EdLudlow

## The bottom line on Saylor's bitcoin call

Saylor's argument is that regulation and bank adoption are turning bitcoin into an institutionally accessible asset, and that this process is only starting. The claim is structural and slow-moving, which makes it hard to confirm or refute in a single quarter. Price remains well below prior highs, so scepticism about the bull-market label is reasonable. For the full interview and the surrounding market discussion, see the breakdown from Bloomberg Tech, and visit [Bloomberg Technology](https://www.bloomberg.com/technology) for ongoing coverage of crypto and fintech.

## Questions & answers

**Is bitcoin really in a bull market right now?**

By Michael Saylor's definition, yes — he describes the current phase as the beginning of a bull market built on clearer regulation and bank adoption. By price alone, the picture is murkier, since bitcoin trades well below its previous cycle high. The two views measure different things: adoption trajectory versus recent price action.

**Why does Strategy's stock fall on days when bitcoin is strong?**

Strategy trades as a listed proxy for bitcoin and often carries a premium to the value of its holdings. When that premium narrows, the stock can decline even as bitcoin rises. Flows into and out of the equity, plus financing activity, drive short-term divergence from the coin.

**Does bank adoption actually change bitcoin's price?**

It changes the available buyer base, which matters over time. Banks bring custody, distribution and compliance comfort that let conservative clients hold bitcoin exposure. The effect shows up gradually in custody balances and disclosures rather than in a single headline move.

**Should I buy bitcoin because Saylor says it is a bull market?**

Saylor's conviction has been consistent through deep drawdowns, so his commentary is a structural view rather than a timing tool. Position sizing and time horizon matter more than any single call. Anyone using leverage to mirror a corporate treasury strategy takes on risks that company does not face.