Roxom Global CEO Borja Martel Seward has warned that when the bull market eventually ends, it could trigger a bearish phase, potentially causing some bitcoin treasury companies to struggle. Bull Market to Persist for Months As global macroeconomic uncertainties continue to ripple through traditional financial markets, the bitcoin landscape is charting its own course, presenting both compelling opportunities and potential challenges. According to Borja Martel Seward, Co-Founder and CEO of Roxom Global, bitcoin ( BTC) operates to its “own beating drum rhythm.” The cryptocurrency, Seward argues, remains an independent and contrarian asset in a world grappling with cooling Fed rate cut expectations, ongoing quantitative tightening, U.S. Treasury General Account replenishment, and anticipated Bank of Japan rate hikes. “Bitcoin goes at its own pace, bitcoin is independent, bitcoin has its own cycles,” Seward emphasized in a recent interview with Bitcoin.com News. The Roxom Global CEO’s perspective underscores a core belief among many BTC proponents: while external economic forces can exert pressure, the cryptocurrency’s fundamental value proposition and predetermined halving cycles imbue it with a unique resilience. The market is currently experiencing a bull run, a trend that Seward believes will persist for the coming months. Many proponents of bitcoin, including Tim Draper, whose company is one of Roxom Global’s backers, similarly predict the rally will continue, potentially pushing BTC to significantly higher levels by year-end. At the time of writing (June 12, 9 p.m. EST), bitcoin was trading at $108,444.46, just a few thousand dollars shy of its all-time high of $111,924. Seward, neverthless, cautions against complacency. “Eventually, the bull market will finish. We will enter into a more bearish phase. This euphoria, this mania will dissipate. Some companies will go underwater and the market structure will reset.” The Roxom CEO’s warning comes amid a growing trend of publicly traded and privately held companies adding BTC to their treasury reserves. Pioneered by companies like Michael Saylor’s Strategy, this strategy has been increasingly adopted by listed companies in recent months. As a result, BTC has evolved from a niche digital asset into a recognized—albeit volatile—corporate treasury component. The widespread adoption of BTC by these “treasury companies” presents a unique dynamic for the upcoming market shifts. “We will have to see how what today right now is a blessing regarding the bitcoin treasury companies turns out to play once the bear market hits, and we’ll see if treasury companies start selling or not,” Seward noted. The potential for a significant sell-off from these corporate holdings during a bearish phase poses a new challenge, as their collective holdings could influence market sentiment and price action. Despite medium-term challenges, Seward says he remains focused on a long-term vision. For investors and companies alike, he suggests that the key is not to “time the market”—an impossible feat—but to embrace a rational, long-term accumulation strategy. While enjoying the current bull market is important, he advises that it is equally crucial to remain cautious, learn from past cycles, and understand when to de-risk and wait for compelling entry points for future accumulation. BTC to Peak at $200,000 by Year-End Seward, meanwhile, shared insights into how Roxom and Roxom TV, both of which hold bitcoin ( BTC) in their treasuries, are managing the risks associated with using cryptocurrency as a unit of account. “How do we mitigate the risk? Well, at the end of the day, we want bitcoin returns. For us, having a bitcoin treasury is not only about what everybody says today – ‘yes, we have bitcoin’ – but we are forward-looking and what we want is to accumulate more bitcoin,” the CEO stated. Seward emphasized that this companies’ strategy involves selling the top cryptocurrecy when prices are high and repurchasing when prices drop. The objective is to increase the total BTC holdings because his companies’ success is measured in how much of it they accumulate, not its fiat value. When asked about his price projection, Seward predicts BTC will peak between $120,000 and $200,000 by year-end. However, he expects a sell-off to follow once this milestone is reached. “We need to remember that the [bitcoin] ETFs started buying at $35,000 to $50,000. That’s a 4-5x for ETF investors, traditional investors, low conviction investors that came in just to ride this new wave. If you give retail a 4-5x at some point, they will start selling and taking profit,” the CEO explained. Nevertheless, Seward, like other proponents of the leading crypto asset, is adamant that BTC would be above $1 million by 2030. Turning to his company’s work, Seward explained that Roxom Global is creating a contrarian financial ecosystem, where BTC serves as the unit of account and hurdle rate for trading a wide variety of assets. While the backend integration is highly complex, Roxom, according to Seward, has succeeded in delivering a simple, user-friendly experience. This approach allows individuals to directly trade assets—including stocks, bonds, commodities, other cryptocurrencies, and fiat currency pairs against bitcoin. Seward highlights this as a major shift from traditional finance, where converting crypto to fiat, transferring funds, and purchasing assets is often a cumbersome, multi-step process. He further elaborated on the unique challenge and opportunity this presents for investors: finding assets that perform well when priced against BTC. Seward believes these BTC-denominated markets will uncover new stories of elite investors who excel at generating yield directly in BTC.