Recently, there has been a significant change in the Bitcoin market as companies and countries have started to take action.

Michael Saylor, the CEO of the American company Strategist, known for holding the most Bitcoin globally, stated during an earnings call, "Many companies are buying Bitcoin. Imagine what would happen if 100 companies tried to acquire as much Bitcoin as possible."

The key point of this statement is that "supply is fixed, and demand is increasing."

Bitcoin is a limited asset with a total supply of 21 million coins. It is traded at the same value worldwide, and its ease of storage and transfer enhances its reliability as an asset.

Scarcity, independence, and global usability are cited as the reasons for Bitcoin's value retention.

Strategist currently holds about 630,000 Bitcoins, which accounts for approximately 3% of the total supply. The recent sharp decline in Bitcoin prices has led to bankruptcy warnings for Strategist because the company's structure heavily relies on Bitcoin prices.

The company has continuously purchased Bitcoin through large borrowings and bond issuances. If Bitcoin prices fall significantly for an extended period, asset values could plummet, and debt repayment burdens could increase. Especially if interest costs and maturity structures align, there is a possibility of cash flow pressure arising.

Strategist's approximately 628,791 Bitcoins were acquired at a total cost of $46.07 billion, with an average acquisition price of around $73,277 per coin. Given that the benchmark price was about $118,000, the return rate is 61.6%, and the cumulative unrealized profit amounts to approximately $27 billion. The net profit for the second quarter reached $10 billion, marking a record high. Essentially, Bitcoin has driven the company's performance.

The reason this company has strong confidence in Bitcoin is not just market expectations.

Saylor also emphasized changes in the policy environment. Currently, there has been a significant increase in individuals within the U.S. administration who support Bitcoin, and financial regulatory agencies are gradually adopting a more accommodating stance. He also mentioned that positive messages regarding Bitcoin are frequently emerging from government departments.

This atmosphere is not unique to the United States. Supportive statements about Bitcoin are also coming from political circles in several countries, including Ireland, the UK, Pakistan, and the United Arab Emirates, with some countries considering integration into the system or exploring utilization methods. In other words, Bitcoin is no longer just a speculative asset for individual investors but is transitioning into a strategic asset of interest for nations and corporations.

Ultimately, the market's direction can be summarized by one question: Who will secure more Bitcoin in the future?

Supply cannot be increased, and competition has begun. If companies fully engage in the competition for financial assets, while price volatility may still be significant, the long-term supply-demand structure could change dramatically from what it is now.

What is happening in the market right now may not just be simple price movements but could be a 'competition for positioning' surrounding Bitcoin.