TLDR
- Michael Saylor declared that the crypto winter is over as Bitcoin held above $78,000 on Thursday.
- Strategy increased its Bitcoin holdings by 13,927 BTC, bringing its total treasury to 780,897 BTC.
- Jason Fernandes said that even if Bitcoin recovers, altcoins still face difficult market conditions.
- Mati Greenspan described the recent downturn as a pullback within a broader bull market.
- Greenspan said he believes Bitcoin has likely reached its bottom in the current cycle.
Michael Saylor said the crypto winter has ended as Bitcoin held above $78,000 on Thursday. He shared the statement on X while his company expanded its Bitcoin treasury. However, several market analysts challenged his view and urged restraint.
Bitcoin Holds $78,000 as Saylor Signals Market Shift
Saylor, executive chairman of Strategy (MSTR), posted “Winter’s over” alongside a themed image on X. He made the statement as Bitcoin price traded at $78,353.08. The price level first appeared early on April 22 and has since held steady.
Winter's Over pic.twitter.com/sWwrELMOEF
— Michael Saylor (@saylor) April 23, 2026
Strategy recently purchased 13,927 BTC and raised its total holdings to 780,897 BTC. The company remains the largest publicly traded holder of Bitcoin. Saylor’s message followed this latest acquisition and reinforced his market stance.
Jason Fernandes, AdLunam co-founder, disagreed with Saylor’s broad claim. He said, “Even if the winter is over for Bitcoin, it is still very cold for altcoins.” He added that alternative tokens continue to face pressure despite Bitcoin’s resilience.
Mati Greenspan, founder of Quantum Economics, also addressed the recent market correction.
He said, “I’m not sure I would classify what we just saw as a crypto winter exactly.” He described the downturn as “more of a large pullback within a broader bull market.”
Greenspan stated that Bitcoin likely reached its bottom in this cycle. He said, “Yes, I think it is very likely that we have seen the bottom.” His view aligned partly with Saylor’s outlook on Bitcoin’s direction.
Bitcoin Adoption Cycles Expand Toward Nation-State Phase
Greenspan outlined three previous adoption waves in the crypto market. He said early adopters drove the 2013 cycle, while retail investors fueled the 2017 surge. He then cited institutional adoption in 2021 as the third phase.
He argued that a fourth phase may involve governments adding Bitcoin to reserves. He said, “The fourth and final major driver is nation-state adoption.” He pointed to policy shifts under U.S. President Donald Trump’s second term.
Greenspan said central banks could add Bitcoin to balance sheets like gold. He stated, “Imagine central banks adding bitcoin to their balance sheets to maintain price stability.” He linked this possibility to rising sovereign interest.
The U.S. government currently holds about 300,000 BTC from asset seizures. Officials have discussed creating a strategic Bitcoin reserve, though no formal framework exists. El Salvador continues daily purchases and targets a 7,500 BTC treasury.
China holds about 190,000 BTC, while the United Kingdom controls roughly 61,000 BTC. Meanwhile, U.S. states such as Wisconsin and New Jersey have introduced Bitcoin exposure through public pension funds. These developments reflect ongoing sovereign and sub-sovereign involvement in Bitcoin holdings.
