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Tinker Saylor Soldier Spy

Bitcoin has now fallen by more than 50 percent from its all-time high. Does the cryptocurrency’s number one evangelist have an escape hatch?

Michael Saylor
Former C.E.O. and current executive chairman of Strategy, Michael Saylor Photo: Romain Maurice / Getty Images
William D. Cohan
June 24, 2026

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For reasons that don’t make a lot of historical—or logical—sense, the U.S. stock markets are either at or near their record heights. The Dow Jones Industrial Average remains within a few ticks of 52,000, around its all-time high, reached a week ago. The Nasdaq reached its climax of a little more than 22,000 on June 17—a day after the DJIA’s record, though the tech-heavy exchange had a rough outing on Tuesday. The S&P 500 peaked at 6,144 on June 18. So, you know, it’s basically been risk-off euphoria in the stock market for months now.