CryptoQuant CEO Ki Young Ju argued that Bitcoin’s primary threat is not another price crash but prolonged stagnation. He linked this risk to the controversial structure of MicroStrategy’s convertible notes, suggesting a long bear market could weaken demand and the company’s capital-raising ability.
The CEO of CryptoQuant, Ki Young Ju, stated that Bitcoin can survive another major price crash. He asserted that boredom and market stagnation pose a more significant long-term threat.
He believes this danger is tied to the structure of MicroStrategy’s convertible notes, known as STRC. “Strategy’s STRC structure becomes truly dangerous not when Bitcoin simply crashes, but when Bitcoin spends years moving sideways, and the bear market drags on,” he said.
Young Ju explained that prolonged stagnation kills market narratives and compresses MicroStrategy’s share premium. This could make “Saylor’s capital-raising machine much harder to sustain.” The core challenge for the company is to give investors new reasons to believe in Bitcoin’s value.
He noted that Bitcoin’s foundational stories, like digital gold or freedom money, feel exhausted. While he remains a long-term believer, he said the sense of an inevitable price catalyst feels weaker now than a decade ago. “It makes me a little sad to see the ideas that originally pulled me in gradually get consumed and diluted,” Young Ju concluded.
