Michael Saylor discusses Bitcoin's 'true victory': the positive institutional evolution by 2025 and the next goal of Strategy

In a recent interview on the “What Bitcoin Did” podcast, Strategy founder and chairman Michael Saylor expressed a positive outlook on the true progress of Bitcoin. He emphasized that institutional and foundational adoption, rather than short-term price fluctuations, symbolizes a new phase in the market, detailing multiple historic developments achieved by 2025. Throughout the interview, Saylor also discussed the industry’s future and Strategy’s innovative vision, clearly reframing where the true value of Bitcoin lies.

Institutional Adoption Proves a New Market Phase

According to Saylor, 2025 was a landmark year for the expansion of institutional adoption. The number of companies holding Bitcoin on their balance sheets surged from 30–60 the previous year to approximately 200, indicating extremely strong market fundamentals.

This expansion reflects more than just increasing numbers; it signifies that several regulatory and institutional positive changes occurred simultaneously. Insurance coverage was reinstated, and the introduction of fair value accounting allowed companies to recognize unrealized capital gains as profits. Saylor himself noted that when he purchased Bitcoin in 2020, he was deregistered by an insurance company, but by 2025, insurance coverage was finally restored.

Even more importantly, the government officially recognized Bitcoin as the world’s leading and largest digital commodity. In response, major US banks have begun or planned to offer Bitcoin-backed loans, and JPMorgan Chase and Morgan Stanley are discussing Bitcoin trading and processing. The US Treasury also issued positive guidance on including cryptocurrencies on bank balance sheets, and the chairs of the CFTC and SEC expressed support for Bitcoin.

In terms of market infrastructure, commercialization of Bitcoin derivatives on CME (Chicago Mercantile Exchange) advanced, and mechanisms for tax-free physical exchanges between ETFs (IBIT) and Bitcoin were introduced. These developments have brought together all the elements necessary for Bitcoin’s commercialization, globalization, and institutionalization.

From the ‘Trap’ of Short-term Price Fluctuations to Long-term Outlook

Saylor strongly advocates that short-term price predictions are meaningless. He pointed out that despite Bitcoin reaching an all-time high 95 days ago, criticism often focuses on short-term price swings, which he considers an inherent mistake.

He assesses that the entire industry is moving in the right direction and that the network is developing healthily. He suggests that the past 90 days have been an excellent opportunity for foresighted investors to buy more Bitcoin.

He argues that evaluating Bitcoin’s true success should be based on a four-year moving average. Looking back over the 10,000-year history of ideological movements, those dedicated to something typically spend a decade, and sometimes 10 or 20 years, on their pursuits. Saylor questioned, “What’s the point of evaluating price movements in 2026?” emphasizing the importance of a long-term perspective.

Bitcoin as a ‘Universal Capital’ in the Digital Age

Saylor positions Bitcoin as “universal capital in the digital age,” defending the idea that corporate Bitcoin purchases are a rational action to improve productivity. Even companies incurring losses can generate profits by holding Bitcoin on their balance sheets.

For example, he said, a company losing $10 million annually could hold $100 million worth of Bitcoin and realize $30 million in capital gains. The criticism should focus not on the companies’ Bitcoin purchases but on their ongoing losses, he added.

Some within the industry worry whether the market can handle over 200 companies buying Bitcoin, but Saylor strongly denies this. “There are 400 million companies on Earth, and the market has space to accommodate those 400 million,” he asserts. Companies holding Bitcoin are like factories with power infrastructure—tools for productivity enhancement rather than mere speculation. Just as electricity powers all machinery, Bitcoin is universal capital for the digital age.

Strategy’s Vision for the Digital Credit Market: Not Banking, but a Credit Revolution

Saylor revealed that Strategy’s vision is to build a digital credit market. The company aims to leverage US dollar reserves to enhance corporate creditworthiness and enter the massive digital lending market, rather than venturing into banking.

Theoretically, Strategy’s business can expand almost infinitely. Its product, STRC (Strec Deferred Digital Credit), aims for a dividend yield of 10% and listings with B-value 1 or 2. If it captures 10% of the US Treasury bond market, the potential market size could reach $10 trillion, Saylor estimates.

Holding dollar reserves is intended to boost corporate creditworthiness and appeal to credit investors, who tend to seek the most creditworthy assets due to high volatility in Bitcoin and stocks. To become the largest player in digital lending, holding dollar reserves is crucial for enhancing corporate credit and increasing product attractiveness.

He also pointed out legal considerations: owning a business involves not only current capital utilization but also future plans, which influence stock value. The potential of the digital credit market is enormous, with unexplored areas such as derivatives backed by Bitcoin, exchanges, and even insurance businesses, surpassing traditional issuance of senior and corporate credit, Saylor said optimistically.

Strategy’s focus on creating the world’s best digital credit products aims to avoid the dispersing factors of banking and realize a true transformative vision. This strategic redefinition and rephrasing are the sources of Strategy’s long-term value creation.