Michael Saylor’s firm Strategy is “synthetically halving Bitcoin” by purchasing more than half of all newly mined BTC, according to Adam Livingston, author of The Bitcoin Age and The Great Harvest. The claim suggests Strategy's accumulation is creating artificial scarcity, mirroring the effects of Bitcoin's halving cycles.
Strategy Is Buying More Than Daily BTC Supply
According to Livingston:
- Miners produce ~450 BTC/day or ~13,500/month.
- Strategy has acquired 379,800 BTC in the past six months, averaging 2,087 BTC/day — far exceeding daily miner output.
“When Bitcoin becomes this scarce, access to BTC will require paying a premium. Lending or borrowing it will become a luxury reserved for corporate whales and nation-states.”
Centralizing Scarcity: Strategy Becomes a Bottleneck
Livingston argues that if Strategy maintains this pace:
- The cost of capital for BTC will no longer be set by a free market.
- Instead, it will be dictated by the “gravitational policies” of the world’s first Bitcoin superpower — Strategy.
This synthetic halving is expected to result in much higher Bitcoin prices, especially as institutional and retail demand increases.
Miner Reserves Continue to Shrink
Data from CryptoQuant shows that Bitcoin miner reserves — the total BTC held in miner wallets — are steadily declining, reinforcing the scarcity narrative.
Hyperbitcoinization Driven by Institutional Hoarding
Adam Back, CEO of Blockstream, has similarly suggested that Strategy and other corporate treasuries are pushing the world toward hyperbitcoinization — where BTC replaces fiat currencies as the dominant monetary system.
- Back’s projection: Bitcoin market cap could hit $200 trillion.
Concerns Over BTC Centralization
Critics warn of the risks:
- Strategy’s debt-fueled BTC accumulation could backfire during a prolonged bear market.
- A single entity holding such a large BTC supply could pose systemic risks.
However, Bitcoin advocate Saifedean Ammous disagrees, arguing that:
- These firms are incentivized to protect Bitcoin's fixed supply.
- Any attempt to fork Bitcoin would devalue their own holdings and be rejected by shareholders.
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