Bitcoin (BTC) surged past $94,700 as Michael Saylor’s firm, Strategy, continues an aggressive buying spree that analysts describe as “synthetically halving” Bitcoin’s supply.
According to Adam Livingston, Bitcoin analyst and author of The Bitcoin Age and The Great Harvest, Strategy has purchased more than half of the newly minted Bitcoin supply monthly despite mounting debt pressure. Miners currently generate about 450 BTC daily, totalling roughly 13,500 BTC monthly. However, over the last six months, Strategy has amassed 379,800 BTC — equivalent to acquiring approximately 2,087 BTC per day, far exceeding the entire daily production of the network.
“When Bitcoin becomes this scarce, access will demand a premium,”
Livingston noted.
“Lending against Bitcoin will become significantly more expensive, and borrowing Bitcoin could turn into a luxury only accessible to nation-states and corporate whales. Strategy will control the bottleneck.”
Strategy is synthetically halving Bitcoin and will set the cost of capital for the next 100 years.
Most people think the Bitcoin supply curve is sacred.
Fixed. Immutable. Untouchable.
They’re wrong.
Strategy is manually rewriting Bitcoin’s scarcity schedule right now with…
— Adam Livingston (@AdamBLiv) April 27, 2025
Livingston predicts this supply crunch could fundamentally reshape the Bitcoin market, making Strategy a dominant force that could set BTC’s global cost of capital through its “gravitational policies,” rather than traditional market dynamics.
Further fueling bullish sentiment, Blockstream CEO and prominent cypherpunk Adam Back suggested that Strategy, alongside other firms adopting Bitcoin as part of their corporate treasuries, could help push Bitcoin’s market capitalization to an unprecedented $200 trillion. In an April 26 post on X, Back described these companies exploiting the “arbitrage” between Bitcoin’s future value and today’s fiat-dominated financial world.
Despite the enthusiasm, Strategy’s aggressive, debt-driven acquisition strategy has drawn criticism. Skeptics warn that a prolonged bear market could expose the company to significant financial risk. In contrast, others raise concerns about systemic vulnerabilities stemming from such a high concentration of Bitcoin in a single corporate entity.
However, Bitcoin advocate and author Saifedean Ammous pushed back against these fears, arguing that Strategy’s large holdings do not threaten the Bitcoin protocol. Ammous emphasized that major institutions like Strategy and BlackRock have little incentive to support any changes, such as increasing Bitcoin’s maximum supply, that would devalue their investments.
Bitcoin ETFs are adding to the supply pressure
Spot Bitcoin ETFs have become another major source of structural demand. By April 2026, U.S. spot Bitcoin ETFs collectively held approximately 1.32 million BTC, according to industry data.
When large corporate treasuries and ETFs acquire Bitcoin and hold it for longer periods, fewer coins are immediately available on exchanges. That does not automatically mean Bitcoin’s price must rise, but it can reduce liquid supply when demand remains strong.
This is why analysts increasingly describe the market in terms of a supply-demand imbalance rather than simply looking at daily mining output.
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