Mr. Saylor's warning to Bitcoin strategists who reflect on themselves — Strategy aims for a $10 trillion market with digital credit

The perspective shared by Strategy founder and Chairman Michael Saylor on the “What Bitcoin Did” podcast serves as an important wake-up call to the Bitcoin industry. Saylor strongly emphasized that Bitcoin enthusiasts who react emotionally to short-term price fluctuations should reflect on their own mindset. Despite Bitcoin’s historic leap in 2025 driven by institutionalization and the maturation of foundational infrastructure, industry discussions are still caught up in trivial price movements, which raises concerns.

Currently, the BTC price hovers around $89.45K, undergoing a correction from the all-time high of $126.08K recorded in November 2024. However, Saylor points out that the real victory lies in the rapid progress of institutional adoption rather than short-term price movements.

Institutionalization and Fundamentals: Why 2025 Was a Year of Historic Progress

According to Saylor, 2025 was a landmark year in which Bitcoin’s institutionalization advanced simultaneously across multiple domains. The number of publicly traded companies holding Bitcoin on their balance sheets surged from 30–60 in 2024 to approximately 200 by the end of 2025. This expansion of institutional adoption is the strongest evidence of improving Bitcoin fundamentals.

The revival of insurance coverage is particularly noteworthy. Saylor himself experienced having his policy canceled by an insurance company when he purchased Bitcoin in 2020. At that time, despite managing hundreds of millions of dollars in corporate assets, he couldn’t cover a $40 million insurance cost and had to rely on personal assets. The resolution of this issue in 2025 symbolizes Bitcoin’s rising status as a financial product.

The introduction of fair value accounting enabled Bitcoin-holding companies to finally record profits. Previously, unrealized capital gains taxes posed a barrier, but this problem was resolved in 2025 thanks to proactive government guidance. Furthermore, Bitcoin was officially recognized by governments as “the world’s leading and largest digital commodity.”

Integration into the banking system also accelerated. At the start of the year, a loan secured by $1 billion worth of Bitcoin yielded only about 5 cents in interest, but by year’s end, most major US banks had begun offering IBIT-backed loans, with about a quarter planning to offer BTC-collateralized loans. JPMorgan Chase and Morgan Stanley have begun concrete discussions regarding Bitcoin trading and processing.

Market infrastructure also matured significantly. CME saw the commercialization of Bitcoin derivatives, and a tax-free physical exchange mechanism between Bitcoin and IBIT worth $1 million was introduced. These developments indicate that Bitcoin is shifting from a mere speculative asset to a formal component of the financial system.

Focus on Long-Term Value Creation, Not Short-Term Price Predictions

Saylor sharply criticizes the industry’s obsession with short-term price discussions. He points out the contradiction in discussing current price declines despite hitting an all-time high just 95 days ago. Looking at the historical ideological movements over the past 10,000 years, success typically requires a decade of dedication, with some cases taking over 20 years.

If the goal is the commercialization of Bitcoin, evaluating success over 10 weeks or 10 months is meaningless. When assessed using a 4-year moving average, Bitcoin shows a strongly bullish trend. Trying to predict prices 90 days or 180 days into the future is fundamentally misguided.

Saylor advocates for the Bitcoin community to adopt a philosophy of low time preference (long-term perspective). The industry is moving in the right direction, and the network’s fundamentals are solid. He states that the recent 90-day price decline was an excellent opportunity for foresighted investors to buy more Bitcoin.

Self-Reflection on Criticism Toward Bitcoin-Holding Companies

One of Saylor’s strong assertions is that criticism of companies accumulating Bitcoin is misguided. For loss-making companies, holding Bitcoin as a way to improve their balance sheets, or for profitable companies to increase revenues, is a rational decision. Instead of criticizing companies that hold $1 billion worth of Bitcoin while losing $10 million annually and generating $30 million in capital gains, the real critique should target management strategies that produce ongoing losses.

Bitcoin is positioned as the “universal capital of the digital age.” Just as power infrastructure underpins factories and machinery, Bitcoin is the foundational element of the digital economy. With over 400 million companies worldwide, questioning why the market would saturate with only about 200 Bitcoin-buying companies is nonsensical.

The most important point Saylor emphasizes is that critics should reflect on their own perspectives. Compared to the community’s internal debates over criticism of Bitcoin companies, 99% of Bitcoin supporters are aligned in the same direction, with only about 1% opposing. Attempts to categorize companies purely as financial entities overlook the essence of long-term value creation.

Digital Credit Backed by Bitcoin — Strategy’s $10 Trillion Ambition

Strategy’s true vision is not banking but building the “digital credit” market. Saylor explicitly states he is not interested in banking functions, explaining that the reason is to “avoid dispersing focus.” The company’s goal is to create the world’s best products in a Bitcoin-collateralized credit market.

The STRC (Strike Deferred Digital Credit) offered by Strategy aims to be an ideal listed product with a 10% dividend yield and a V-value of 1–2. Gaining 10% of the US Treasury market would amount to an enormous $10 trillion market. While consulting and banking sectors are already saturated, the market for credit products backed by Bitcoin remains almost entirely uncharted.

Holding dollar reserves is intended to enhance corporate creditworthiness. Investors concerned about Bitcoin’s volatility can be reassured by dollar reserves, which increase the attractiveness of the products. To become the largest player in digital lending, having assets trusted by credit investors is essential.

Strategy’s reason for not entering banking is also to avoid competitive conflicts. Competing directly with customers is the most foolish strategy; instead, the company needs to focus on transforming the global currency system, banking system, and credit markets themselves.

Finally, Saylor highlights an important legal point: the value of a business company’s stock depends not only on current capital utilization but also on what it plans to do in the future. Just because something isn’t being done now doesn’t mean it can’t be done. The true evaluation of Strategy should be based on its potential and future vision.