Strategy Flow's "Digital Credit" Rephrasing Strategy in the Era of Bitcoin Institutionalization

Michael Saylor’s latest interview indicates that the Bitcoin market is fundamentally shifting from short-term price fluctuations to institutional acceptance. Once, Bitcoin was called a “digital asset,” but now an increasing number of companies are adopting it as “digital capital.” Amid this transition, the potential of the digital credit market envisioned by Strategy has emerged.

2025, a decisive turning point driven by institutional adoption

At the end of 2024, about 30 to 60 publicly traded companies held Bitcoin on their balance sheets, but by the end of 2025, this number surged to approximately 200. Just looking at this figure reveals how rapidly Bitcoin’s institutionalization is progressing. Saylor emphasizes that this expansion should not be seen as a mere investment trend but as a critical turning point that companies should accept as a rational business decision.

A change symbolizing institutional acceptance is the revival of the insurance system. When Saylor purchased Bitcoin through Strategy, insurance companies canceled their contracts. An abnormal situation persisted for four years where company insurance was maintained with personal assets, but this issue was fully resolved in 2025. Simultaneously, the introduction of fair value accounting allowed companies to recognize Bitcoin capital gains as profits, and the issue of unrealized capital gains tax was also resolved through government guidance. The government has now officially recognized Bitcoin as a major global digital commodity.

Major US banks have also begun to accept this trend. At the start of the year, loans secured by Bitcoin worth $1 billion could only be obtained at 5 cents, but by the end of the year, most major banks had begun offering loans collateralized by IBIT. About a quarter of banks announced plans for Bitcoin-backed loans. JPMorgan Chase and Morgan Stanley have also entered discussions regarding Bitcoin trading and processing.

Market infrastructure is also maturing rapidly. The commercialization of Bitcoin derivatives on CME, and the introduction of a physical issuance and redemption mechanism that allows exchange of Bitcoin worth $1 million into IBIT tax-free, have almost completed the foundational infrastructure necessary for institutional acceptance.

The futility of short-term price predictions—shifting to a long-term perspective

In the interview, Saylor repeatedly emphasized the futility of focusing on short-term price fluctuations. Despite Bitcoin reaching an all-time high 95 days ago, market sentiment is dominated by pessimism over recent price declines. This is a fundamental problem that lowers the quality of discussions within the Bitcoin community.

What Saylor is calling for is a rephrasing of the evaluation criteria itself. Instead of short-term price forecasts, the long-term performance of Bitcoin, viewed through a four-year moving average, shows an extremely bullish trend. Looking further back, across all ideological movements over the past 10,000 years, those dedicated to something have typically spent a decade on it. In some cases, 20 or 30 years are not uncommon.

If the goal is the commercialization of Bitcoin, evaluating over 90 or 180 days is completely misguided. This shift in perspective is precisely the recognition change needed across the entire Bitcoin industry. Saylor states, “2026 is an important year, but predicting prices 90 or 180 days ahead is meaningless. The industry is moving in the right direction. For the past 90 days, forward-looking individuals have had an excellent opportunity to buy more Bitcoin.”

Reconsidering the “view” on companies holding Bitcoin

Many critics tend to criticize companies that purchase Bitcoin, but Saylor calls for a rephrasing of this perspective. For example, if a company reports a $10 million annual loss but holds $100 million worth of Bitcoin and generates $30 million in capital gains, what should be criticized?

Saylor’s argument is clear. The criticism should not be about companies buying Bitcoin but about their ongoing losses. In other words, even a loss-making company can improve its balance sheet through Bitcoin holdings, which is a rational business decision. Not accepting this is irrational.

Why do some refuse to accept companies’ ability to buy Bitcoin? There are over 400 million companies worldwide, so why do a few hundred Bitcoin purchases threaten to saturate the market? This question exposes a fundamental misunderstanding of Bitcoin.

Saylor states, “Companies holding Bitcoin are like factories with power infrastructure. It is not just a speculative product but a tool for productivity enhancement. Just as electricity is a universal capital that powers all machinery, Bitcoin is a universal capital of the digital age,” urging a fundamental rephrasing of this perspective.

The digital credit market: preparing for a $10 trillion giant market

The reason Strategy is not entering the banking industry is that it is aiming at a larger market. The company’s goal is to enter the digital credit market that leverages dollar reserves to enhance corporate creditworthiness. The potential scale of this market is incalculable.

If digital credit products can be realized as listed products with a 10% dividend yield and valuation multiples of 1-2 times, capturing 10% of the US Treasury market would amount to $10 trillion. Considering how many companies currently issue senior credit and corporate credit, it is clear that the digital credit market is still in its early stages.

Markets such as Bitcoin-backed insurance companies, derivatives businesses, and exchanges are currently almost nonexistent. While these may seem like difficult options for Strategy to accept, they may also be evidence that the potential of Bitcoin and the credit market has not yet been fully embraced.

Saylor’s strategic philosophy is simple: “Bitcoin is digital capital, and Strategy is digital credit.” This rephrasing condenses the vision of the next-generation financial market. Transforming the world’s monetary system, banking system, and credit markets requires focus. Creating the best digital credit products without competing with customers could be a strategic acceptance that influences the entire industry’s evolution.

If 2025 was a turning point for institutional acceptance of Bitcoin, then from 2026 onward, how this new perspective is embraced will be key to corporate value and market growth.