2505: $2 Million Bitcoin THIS CYCLE - Michael Saylor & Strive Just Bought MORE BTC

Strategy bought 811 BTC and repurchased $208 million of STRC. Michael Saylor reported that, as of November 1, Strategy held 849,327 BTC alongside $4.9 billion in USD assets. These figures put the company’s latest Bitcoin purchase alongside a sizeable cash position and a separate capital-allocation decision involving STRC; the synopsis gives no further explanation of the repurchase’s purpose.

Strive added 124 BTC for $10 million at an average price of $80,526, bringing its holdings to 43,124 BTC. Matt Cole said existing cash funded most of the purchase and that Strive used its SATS ATM for the first time. Together, Strategy and Strive bought 935 BTC and held 892,451 BTC, equal to 4.25% of Bitcoin’s 21 million maximum supply, according to Jay V.

Jay V said BlackRock’s iBit held about 814,000 BTC. Combined with Strategy and Strive, those holdings amount to roughly 1.7 million BTC, or more than 8% of Bitcoin’s maximum supply. He also pointed to MetaPlanet, which he said had paid off debt early, held more than 44,000 BTC, and had enough buying power to acquire another 2,700 BTC. He framed these figures as evidence of accelerating competition among corporate, institutional, and sovereign buyers, though the figures alone do not establish how much additional Bitcoin each will ultimately acquire.

At $2 million per BTC, Bitcoin’s fully diluted market capitalization would be about $42 trillion, based on the 21 million maximum supply. Jay V contrasted that potential valuation with the roughly 58 million millionaires worldwide, arguing that there could not be enough bitcoins for every millionaire to own one. That comparison highlights the scarcity argument, but it does not predict who would buy, how much they would seek, or whether Bitcoin will reach that price. Jay V said a $2 million Bitcoin is not guaranteed.

The supply constraint becomes more pronounced in Jay V’s example of issuance after the 2028 halving. He projected issuance at 225 BTC a day, worth $450 million daily if Bitcoin were trading at $2 million. If 10 institutions each sought 100,000 BTC, they would need a combined 1 million BTC. Even if every newly mined coin went to those buyers, 225 BTC per day would take more than 12 years to add up to that amount. The calculation assumes no newly issued coins go to other buyers and does not account for institutions purchasing existing holdings.

Jay V’s central implication was that miners cannot increase Bitcoin issuance on demand. Institutions seeking coins beyond the limited flow of new supply would have to persuade current holders to sell, potentially requiring prices high enough to attract them. That supports a conditional scarcity argument, not a certain price target: if institutional demand grows while issuance contracts, the price needed to bring long-term holders’ coins to market could exceed many investors’ expectations. Saylor offered a separate rationale for scarce-asset ownership, arguing that AI and robots will make labor and skills less valuable, while Bitcoin’s supply remains capped at 21 million.