Market participants are divided over whether bitcoin’s latest recovery signals the end of the crypto winter, even as prominent voices like Michael Saylor turn increasingly bullish.
Saylor, executive chairman of Strategy (MSTR) and the largest publicly traded holder of bitcoin, declared on Thursday that the “winter is over” after BTC held above $78,000—a level first reached earlier this week, according to CoinDesk data. The statement, shared on X alongside a Game of Thrones-style image of Saylor on horseback, followed another sizable purchase by his firm, which recently added 13,927 BTC, bringing total holdings to 780,897.
Not all analysts are convinced.
“Even if the winter is over for bitcoin, which I don’t necessarily agree with, it’s still very cold for altcoins,” said Jason Fernandes, co-founder of AdLunam.
Others argue the market never truly entered a winter phase. Mati Greenspan, founder of Quantum Economics and former eToro analyst, described recent price action as a correction rather than a prolonged downturn.
“I wouldn’t classify what we’ve seen as a crypto winter,” Greenspan said, calling it “a large pullback within a broader bull market.”
Still, Greenspan broadly aligns with Saylor’s underlying message—that bitcoin may have already bottomed and is poised for further gains. “It’s very likely we’ve seen the bottom,” he noted.
Analysts say Saylor’s remarks, combined with Strategy’s continued accumulation, reflect a deeper shift toward institutional dominance in the bitcoin market. This phase is increasingly defined by corporate treasury adoption and strengthening institutional sentiment.
However, Greenspan argues that the next major catalyst lies beyond institutions.
“Institutional adoption will help drive the next leg higher, but the real missing piece is nation-state adoption,” he said, suggesting it could arrive sooner than many expect.
According to Greenspan, the crypto market has already gone through three key adoption waves: early adopters in 2013, the retail-driven boom of 2017, and institutional entry beginning in 2021. The next phase, he believes, will be defined by sovereign participation.
“The fourth major driver is nation-state adoption, and I believe it’s approaching quickly—especially with shifting policy dynamics in the U.S.,” he said.
He pointed to the possibility of central banks adding bitcoin to their balance sheets in a manner similar to gold, as a tool for financial stability.
There are early signs this transition may already be underway. The U.S. is exploring the concept of a strategic bitcoin reserve and currently holds an estimated 300,000 BTC. El Salvador continues its steady accumulation strategy, while countries such as China and the U.K. also hold significant bitcoin reserves. At the sub-sovereign level, entities like Wisconsin and New Jersey have begun introducing bitcoin exposure through public pension allocations.
Together, these developments suggest bitcoin may be entering a new phase—one shaped not just by institutions, but by governments themselves.
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