Michael Saylor's Business Direction: Towards a New Phase of Bitcoin Adoption

Mr. Michael Saylor (Founder and Chairman of Strategy) discussed in depth the future direction of the Bitcoin industry on the “What Bitcoin Did” podcast. His emphasis was on the perspective that institutional and foundational adoption, rather than short-term price fluctuations, constitutes Bitcoin’s true victory. This business turning point suggests that momentum could further accelerate toward 2026.

Institutional Adoption Rephrased as a Historic Leap: Four Key Developments in 2025

According to Saylor, 2025 was not just about price increases but a year that redefined institutional acceptance. The most significant development was the rapid increase in companies holding Bitcoin on their balance sheets from 30–60 to approximately 200. This figure indicates that corporate adoption is becoming truly mainstream.

At the same time, several institutional barriers were removed. Insurance coverage was restored after four years, and the introduction of fair value accounting allowed companies to recognize profits. The U.S. government officially recognized Bitcoin as a digital commodity, prompting major U.S. banks to start or plan Bitcoin-backed loans. Currently, the price of Bitcoin (BTC) is around $89.47K (as of January 28, 2026), with institutional demand increasing toward the all-time high of $126.08K.

Furthermore, the Chicago Mercantile Exchange (CME) has advanced the commercialization of derivatives markets, and mechanisms such as tax-free swaps between IBIT (Bitcoin ETF) and BTC are being introduced, indicating rapid maturation of market infrastructure.

Short-term Price Predictions Are Meaningless; Evaluate Bitcoin on a Four-year Time Horizon

Saylor strongly argues that evaluating Bitcoin’s performance over short periods (days to months) is meaningless. The industry’s common criticism focuses on “recent price declines,” but in reality, Bitcoin hit an all-time high 95 days ago. Investors should not be swayed by short-term events; the four-year moving average continues to show an extremely bullish trend.

His philosophy is based on the history of ideological movements over the past 10,000 years. True transformation requires a decade-scale timeframe, often failing in the first ten years and only materializing after 20 years. Obsessing over the price forecast for 2026 distracts from Bitcoin’s fundamental trajectory. The industry is moving in the right direction, and the past 90 days have been an excellent opportunity for foresightful investors to increase their Bitcoin holdings.

Bitcoin as a Universal Capital in the Digital Age and the Rationality of Corporate Strategy

Saylor directly countered criticism of companies holding Bitcoin. If a loss-making company holds $100 million worth of Bitcoin on its balance sheet and generates $30 million in capital gains, that is a rational business strategy and not something to criticize. Conversely, companies that continue to incur losses but do not hold Bitcoin are the real problem.

There are about 400 million companies worldwide, and considering that only around 200 are willing to purchase Bitcoin, believing this is the market’s limit is a fundamental misunderstanding. Just as electrical infrastructure enhances factory productivity, Bitcoin functions as a universal capital in the digital age. It is not merely a speculative asset but a rational component of corporate financial portfolios. Saylor points out that criticism from some within the Bitcoin community often reflects their own anxiety or misunderstanding.

Strategy’s Business Vision: Building a Digital Credit Market

The core of Saylor’s vision for Strategy’s future is not banking but entering the digital credit market. The company avoids traditional banking functions and focuses on leveraging dollar reserves to enhance corporate creditworthiness.

The ambitious business vision represented by the product STRC (Strec Deferred Digital Credit) aims to achieve a 10% dividend yield and listed products with V-values of 1–2. If the company captures 10% of the U.S. Treasury market, the potential market size could reach $10 trillion. Credit investors seek low-volatility assets, and holding dollar reserves significantly boosts the creditworthiness of the product.

In this business model, Bitcoin is positioned as digital capital, and Strategy aims to become the sole provider of digital credit. To avoid distraction, abandoning traditional banking functions and pursuing the world’s best digital credit products is a strategy entirely different from conventional financial institutions.

The value of a company is not only determined by its current operations but also by its future business development. Saylor emphasizes how vast the market is and how enormous the untapped areas remain. In industries such as Bitcoin-backed derivatives, exchanges, and insurance, there are entirely new business opportunities. The long-term direction of Strategy holds immense potential that current valuations cannot fully capture.