Strategy's CEO Says Bitcoin Buys Come Down to Capital Costs, Not Price

Strategy's CEO said institutional Bitcoin purchases are driven primarily by the cost of capital—interest rates and financing terms—rather than the absolute BTC price. Consequently, demand and net buying should rise when financing becomes cheaper and decline when capital costs increase, linking Bitcoin flows closely to monetary policy and credit conditions. The key implication is that Bitcoin's near-term price direction will be more sensitive to shifts in interest rates and liquidity than to valuation levels, making macroeconomic developments the dominant driver of institutional demand.