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Michael Saylor's Strategy may have saved bitcoin from a bigger sell-off: 'A balancing force in the market'
Bitcoin (BTC-USD) has had a dismal year, but its underperformance has been less severe than in previous crypto winters, Bernstein analysts pointed out.
In part, that's thanks to digital asset treasury giant Strategy (MSTR), which "continues to be a net buyer in the market," analyst Gautam Chhugani wrote in a note on Monday.
The token traded near $62,000, down roughly 54% from its all-time high of around $125,000 in October.
"It is unclear if we are completely out of the woods, but this crypto bear market has been milder than the previous drawdown," Chhugani said.
Read more: Is bitcoin's price volatility an investing opportunity? Here's how to buy bitcoin.
Here's the 1 Crypto I'd Buy If I Could Pick Only 1
A lot is weighing on the price of Bitcoin (BTC +0.49%) right now. The latest is the current dicey situation involving Strategy, formerly known as MicroStrategy, the largest Bitcoin treasury company in the world.
But here's the thing: Bitcoin's future growth prospects still look better than those of any other cryptocurrency. If I could buy only one crypto right now, it would be Bitcoin.
First of all, Bitcoin has an uncanny ability to bounce back from adversity. While Bitcoin is now down 53% from its all-time high of $126,000, this is nothing new. There have been at least five other periods in Bitcoin's history when it has suffered equally devastating drawdowns.
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