Mr. Seiler rephrases his concerns: Adoption of Bitcoin system transforms the essence of corporate strategy

MicroStrategy founder and chairman Michael Saylor said on the “What Bitcoin Did” podcast that while the market is concerned about short-term Bitcoin price fluctuations, the real innovation lies in institutional and foundational adoption. Saylor pointed out that 2025 was one of the most pivotal years in Bitcoin history and provided a deep analysis of market prospects beyond 2026.

The Four Major Bitcoin Turning Points of 2025: Establishing Institutional Foundations

Throughout 2025, four significant changes occurred around Bitcoin that were previously unthinkable. First, insurance coverage was restored. When Saylor purchased Bitcoin in 2020, insurance companies canceled policies, requiring the company to cover his personal assets for four years. However, by 2025, this situation was reversed, and insurance coverage was reinstated.

Next, there was a change in accounting standards. The introduction of fair value accounting allowed companies to recognize unrealized capital gains from Bitcoin holdings as profit. As a result, MicroStrategy, led by Saylor, achieved a turnaround from annual losses. Additionally, proactive government guidance resolved the issue of unrealized capital gains tax for Bitcoin-holding companies.

Furthermore, integration with the banking system accelerated. At the beginning of the year, only minimal loans could be secured against Bitcoin collateral, but by the end of the year, most major US banks had begun offering loans backed by IBIT (physical Bitcoin ETF), and about a quarter of banks announced plans for direct Bitcoin collateralized loans. JPMorgan Chase and Morgan Stanley are also discussing Bitcoin trading and processing.

Market infrastructure maturation was also essential. The Chicago Mercantile Exchange (CME) accelerated commercialization of Bitcoin derivatives, introducing a physical issuance and redemption mechanism that allows tax-free exchanges of $1 million worth of Bitcoin into IBIT or vice versa. These changes indicate that Bitcoin has entered its final stages of commercialization, globalization, and institutionalization.

Concerns About Short-Term Price Fluctuations: Saylor’s Rephrasing of Bitcoin’s True Value

Saylor’s most striking assertion is his clear rejection of short-term price forecasts and his reframing of valuation criteria. Despite Bitcoin reaching an all-time high 95 days ago, market participants tend to focus on recent price declines.

According to Saylor, trying to predict market trends over 100 days or 100 months is futile, and the underlying philosophy of Bitcoin is based on “low time preference.” Looking back over the entire 10,000-year history of ideological movements, he states that those dedicated to something typically spend about ten years on it. If Bitcoin’s commercialization is the true goal, then based on a four-year moving average, the current trend is showing a “quite bullish tendency.”

The market is moving in the right direction, and Saylor notes that the past 90 days have been an excellent opportunity for foresighted investors to buy more Bitcoin. The question of what significance Bitcoin’s price forecast for 2026 holds serves as an important warning to the entire market.

Bitcoin as Universal Capital: Debating the Essence of Corporate Strategy

Saylor strongly emphasizes a fundamental misunderstanding in criticisms of companies holding Bitcoin. While many are concerned about adding Bitcoin to their balance sheets, Saylor argues that the focus should shift.

The real issue is not Bitcoin purchases but ongoing corporate losses. For example, a company losing $10 million annually that generates $30 million in capital gains from $100 million worth of Bitcoin on its balance sheet—what exactly should be criticized? For a loss-making company, holding Bitcoin can be a tool to improve the balance sheet, and for profitable companies, it can increase revenue.

Saylor’s analogy is clear: “Companies holding Bitcoin are like factories with power infrastructure. Electricity is a universal capital that powers all machinery, and Bitcoin is the universal capital of the digital age.” This definition positions Bitcoin purchases as rational actions aimed at productivity, not speculation.

There are approximately 400 million companies worldwide. Saylor questions why all 400 million cannot buy Bitcoin. By the end of 2025, about 200 companies had Bitcoin on their balance sheets, but this is just the beginning of the market. Concerns about market saturation are based on a fundamental misconception.

Vision for the Digital Credit Market: MicroStrategy’s Next Strategy

Saylor envisions MicroStrategy’s future not in traditional banking but in pioneering the “digital credit” market. His clear stance against banking stems from a strategic decision to leverage dollar reserves to enhance corporate creditworthiness and enter the vast digital lending market.

Digital credit products have the potential for almost unlimited expansion. Designing ideal listed products with a 10% dividend yield and valuation multiples of 1-2 times could capture 10% of the US Treasury bond market, reaching a potential market size of $10 trillion.

Credit investors consider Bitcoin and stock volatility too high, making it essential to hold dollar reserves to boost corporate creditworthiness. Saylor simply states, “Bitcoin is digital capital, and the strategy is digital credit.”

The reason for not pursuing banking is to maintain focus. Creating the world’s best digital credit products is the goal, and competing with customers is “the most foolish act,” according to Saylor. Currently, no insurance companies use Bitcoin as collateral or capital, leaving enormous growth potential in this industry.

Corporate value is influenced not only by current business scale but also by future actions. Projects not yet implemented are not necessarily impossible. Saylor’s strategic vision is rooted in a much larger ambition: rebuilding the financial system in the Bitcoin era.