In this intense discussion on What Bitcoin Did, Michael Saylor reflects on the structural shifts for Bitcoin throughout 2025 and early 2026. He addresses the “toxic” criticism surrounding Bitcoin treasury companies and explains his vision for Bitcoin as the foundation of a global digital credit system.

1. Bitcoin Fundamentals vs. Short-Term Price Action

Saylor argues that 2025 was a landmark year for Bitcoin’s structural integrity, regardless of short-term price volatility. He notes that the community often suffers from a “short memory,” focusing on weekly candles rather than generational wins.

  • Institutional Adoption: The number of public companies holding Bitcoin on their balance sheets surged from ~60 to over 200.
  • Regulatory Milestones: The implementation of fair value accounting and positive guidance on corporate taxes have removed the primary “friction” for CFOs.
  • Banking Integration: Major institutions like JP Morgan and Morgan Stanley have pivoted from skepticism to extending credit against Bitcoin ETFs.

2. The Fallacy of the 100-Day Perspective

Saylor dismisses concerns about Bitcoin’s price relative to its 90-day high. He compares Bitcoin to revolutionary technologies like electricity and nuclear power, which took decades to reach mainstream utility.

“Humanity spent 50 years being skeptical of nuclear energy before realizing its necessity for AI; Bitcoin’s current skepticism is a rounding error in comparison.”

3. Defending the Bitcoin Treasury Strategy

The debate gets heated regarding smaller companies adopting the “Bitcoin Treasury” model. Saylor defends these firms against critics who label them “MicroStrategy clones”:

  • Rational Capital Allocation: For a struggling business, buying Bitcoin is more rational than holding debasing fiat or buying back stock in a declining industry.
  • Optionality: Unlike an ETF, an operating company can use its Bitcoin as collateral to underwrite insurance, issue credit, or pivot business lines.
  • No Competition: Saylor rejects the idea of “crowding out.” He believes there is room for 400 million companies to adopt this standard.

4. The Shift to “Digital Credit” (STRC)

A major takeaway is Saylor’s focus on Digital Credit. He explains that MicroStrategy isn’t trying to be a bank, but rather the “feedstock” for the global banking system.

  • Digital Gasoline: Saylor envisions selling Bitcoin-backed credit to traditional banks, allowing them to offer 8% yield accounts to customers.
  • High-Powered Money: By backing credit with the “apex property” (Bitcoin), the entire global financial system becomes more stable and efficient.

5. Why MicroStrategy is Holding USD

Saylor clarifies why the company recently started holding USD reserves alongside Bitcoin. This move is strictly to improve creditworthiness. By maintaining a cash buffer, the company reduces the perceived risk for conservative credit investors, allowing MicroStrategy to borrow at even lower rates to buy more Bitcoin.

To stay grounded during market volatility, Saylor recommends studying history to understand the nature of power and property:

  • The Story of Civilization by Will Durant (11 Volumes)
  • Conceived in Liberty by Murray Rothbard
  • The Power Struggle: Saylor views history as a “continual, never-ending struggle over money, power, and property.”

Final Takeaway

While the market fixates on 90-day cycles, the real narrative is the integration of Bitcoin into the $300 trillion global credit market. Michael Saylor remains 100% focused on digital credit as the base layer for the future of money.

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