Bitcoin Grows More Dependent on Saylor’s Buying Machine (1)

For most of its history, Bitcoin’s price was driven by a sprawling cast of buyers: idealists, speculators, early adopters, and, more recently, institutional investors looking for a new portfolio hedge. Demand was fragmented and hard to predict. In 2026, it is neither.

Bitcoin is trading just over $77,500, down almost 30% from a year ago. What appears to be largely preventing a steeper fall — and what has been doing so for much of this year — is a single company operating on a scale that has no precedent in the asset’s history. Strategy Inc., the company run by ...