Bitcoin Price Plunges To $59K, Sparking Fears Of Deeper Decline
Capital rotation into artificial intelligence may have played a bigger role in Bitcoin’s latest selloff than most market watchers initially assumed. Michael Saylor, whose company Strategy recently sold a portion of its Bitcoin holdings, pushed back on criticism and pointed instead to an unprecedented flow of money into AI infrastructure as a key factor behind the drop. Related Reading: Bitmine Seeks $300M Raise To Accelerate Ethereum Accumulation Strategy Saylor Pushes Back On Blame Strategy’s Bitcoin sale briefly made Saylor a target. TV personality Jim Cramer went as far as to say Saylor had “murdered Bitcoin,” a claim Saylor denied outright. He argued that capital markets have been funding the AI buildout at historic scale — roughly $400 billion over six months — and that the pressure on Bitcoin was a rotation of capital, not a sign of structural damage to the asset. SBI Holdings Chair Yoshitaka Kitao echoed that view, pointing to the upcoming IPOs of SpaceX, Anthropic, and OpenAI a