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Michael Saylor is offering a theory for why $BTC demand has softened: capital is chasing the artificial-intelligence boom instead, and he expects that dynamic to reverse before the year is out as excitement around OpenAI and SpaceX cools.
The Argument Saylor, the executive chairman of MicroStrategy and the most prominent corporate advocate for Bitcoin accumulation, framed the current period as an "AI Summer" — a season in which investor attention and fresh capital are absorbed by private AI ventures rather than digital assets.
The implication is that demand for Bitcoin is not structurally broken but temporarily displaced, and that once the frenzy around marquee names like OpenAI and SpaceX subsides, that money finds its way back to $BTC.
It is worth pausing on the structure of that argument. Saylor is describing a competition for a finite pool of speculative capital.
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