Saylor's observations reveal a new phase in Bitcoin adoption: a rephrased strategic vision

Michael Saylor, founder and chairman of Strategy, pointed out on the podcast “What Bitcoin Did” that the true value of Bitcoin lies not in short-term price fluctuations but in institutional and foundational adoption. The multiple developments that have materialized through 2025 serve as evidence supporting his assertion.

Institutional Revolution Starting from 200 Companies: Insights on Bitcoin Adoption

The most significant progress Saylor highlights is the increase in companies holding Bitcoin on their balance sheets—from about 30 to 60 in 2024 to approximately 200 by the end of 2025. This figure reflects more than mere speculative purchases; it embodies a genuine asset management strategy.

The revival of insurance coverage, realization of profits through fair value accounting, and official recognition by governments of Bitcoin as a major digital commodity—all these indicate that within just a few years, the obstacles faced in 2020 when purchasing Bitcoin, such as insurance cancellations, have been effectively overcome. Saylor himself notes that, back then, he needed $40 million in insurance, but thanks to proactive government guidance, the issue of unrealized capital gains tax was resolved by 2025.

Major US banks have begun offering loans collateralized by IBIT (Fidelity Bitcoin Mini Trust ETF), with about a quarter of banks announcing Bitcoin-backed lending plans. The Chicago Mercantile Exchange (CME) has advanced the commercialization of Bitcoin derivatives markets. The introduction of tax-free exchange mechanisms between Bitcoin worth $1 million and IBIT—these series of developments clearly indicate that financial infrastructure is steadily being built.

Moving Beyond Short-Term Predictions: Reframing Bitcoin Valuation from a 4-Year Perspective

What’s noteworthy in Saylor’s insights is his emphasis on the futility of focusing on short-term price movements—such as 100 days, 10 weeks, or 10 months. Rephrased, evaluating Bitcoin’s performance over a 4-year moving average reveals a “significantly bullish trend.”

In his original remarks, he references the 10,000-year history of ideological movements, suggesting that true success typically requires a decade of sustained commitment. This can be understood as a shift from viewing Bitcoin as a financial product to seeing it as a civilization-level capital transformation. While markets react emotionally to short-term price drops, Saylor points out the steady progress of institutional adoption and argues that the focus should be on the network’s overall direction rather than short-term price forecasts over 90 or 180 days.

The Essence of Bitcoin Highlighted Through Power Comparisons

A key point Saylor emphasizes is his rebuttal to criticisms of companies holding Bitcoin. He equates “companies holding Bitcoin” to “factories that own power infrastructure,” emphasizing that Bitcoin is not just a speculative asset but a tool for productivity enhancement.

He cites examples of companies incurring losses yet holding $100 million worth of Bitcoin on their balance sheets and generating $30 million in capital gains—raising the fundamental question of what is being criticized about these companies. Just as electricity is a universal capital powering all machinery, Bitcoin is a universal capital in the digital age—an essential tool for productivity improvement.

There are approximately 400 million companies worldwide. According to Saylor, the question of why the market cannot respond to just about 200 companies adopting Bitcoin, out of this vast number, challenges the fundamental assumptions. His core point is that the market is not saturated but rather still in its early stages.

Reframing as Digital Credit Concept: Strategy’s True Vision

Saylor’s apparent disinterest in banking is actually a strategic rephrasing. Strategy’s business model is based on the concept that it can expand almost infinitely. Using the concept of Digital Credit, the company aims to leverage dollar reserves to enhance corporate creditworthiness and enter the massive lending market.

The idea that capturing just 10% of the US Treasury market, which would amount to a $10 trillion market size, is a rephrasing of the potential of the digital credit market. Just as many companies issue senior and corporate credit, a market for Bitcoin-collateralized exchanges, derivatives, and even insurance is forming, currently at near zero.

According to Saylor, his true vision boils down to the simple proposition: “Bitcoin is digital capital, and Strategy is digital credit.” Rephrasing the reason for establishing dollar reserves reflects a market reality—credit investors seek the “most creditworthy assets” rather than volatility in Bitcoin or stocks.

Through Saylor’s insights and rephrasing, it becomes clear that Bitcoin is transitioning from a mere speculative asset to a foundational capital supporting the entire financial system. The institutional adoption progress through 2025 symbolizes this pivotal transformation.