Reflecting on the essence of Bitcoin: Mr. Saylor discusses the institutional leap in 2025 and the future of digital lending

The year 2025 marked a highly significant turning point in Bitcoin history. Michael Saylor, founder and chairman of MicroStrategy, pointed out in an interview on the “What Bitcoin Did” podcast that the true victory lies not in short-term price fluctuations, but in the expansion of Bitcoin’s fundamental institutional and infrastructural adoption. As of early 2026, the BTC price is hovering around $89.63K, and the journey to the previous all-time high of $126.08K suggests more than just a numerical increase—it hints at a profound transformation of the deep structural aspects of the financial system.

Institutional Progress in 2025: The Significance of 200 Companies Adopting Bitcoin

The most symbolic figure representing 2025 is the rapid increase in the number of companies holding Bitcoin on their balance sheets. From 30–60 companies in 2024, the number surged to approximately 200 by the end of 2025, with continued growth thereafter. Saylor emphasizes the deeper meaning behind this phenomenon.

The revival of insurance is a symbol of institutional progress. When Saylor purchased Bitcoin in 2020, insurance companies unilaterally canceled their contracts. Having experienced four years of uninsured status, he faced the contradiction of his company’s assets growing from $20 billion to $40 billion without being insured. By 2025, the situation changed dramatically. The introduction of fair value accounting allowed companies to recognize unrealized capital gains, and clear guidance from the government also resolved issues related to unrealized gains tax.

Integration into the banking system has also accelerated. At the beginning of the year, a $1 billion Bitcoin-backed loan could only provide about 5 cents in financing, but by the end of the year, most major US banks had begun offering loans collateralized by IBIT (Bitcoin spot ETF), with about a quarter planning to directly collateralize with BTC. JPMorgan Chase and Morgan Stanley started discussions on Bitcoin trading processing in early 2026. The Treasury Department also issued positive guidelines on incorporating cryptocurrencies into bank balance sheets, and the chairs of the CFTC (Commodity Futures Trading Commission) and SEC (Securities and Exchange Commission) have expressed support for Bitcoin.

The maturity of market infrastructure has also advanced rapidly. The Chicago Mercantile Exchange (CME) has progressed in commercializing Bitcoin derivatives, and a tax-free exchange mechanism between $1 million worth of Bitcoin and $1 million worth of IBIT has been introduced, significantly improving liquidity and convenience.

Beyond the Futility of Short-term Predictions: A Long-term Perspective on Bitcoin Valuation

Saylor consistently emphasizes the fundamental futility of short-term price predictions. Looking back at the history of all ideological movements over the past 10,000 years, those dedicated to something typically take a decade. Many only succeed after spending another 10 or 20 years. If the goal is the commercialization of Bitcoin, evaluating success over weeks or months is based on a flawed premise.

Evaluating Bitcoin’s performance using a 4-year moving average reveals a strongly bullish trend. Price declines over the past 90 days have been an excellent opportunity for foresighted investors to buy more Bitcoin. Understanding the importance of reexamining the network and institutional fundamentals without being dominated by short-term market psychology is what investors are called upon to do in this era.

The Need to Reflect on Bitcoin: Digital Capital as Power Infrastructure

While there is criticism of corporate strategies to acquire Bitcoin, Saylor points out that such criticism itself warrants reflection. For example, a company losing $10 million annually but holding $100 million worth of Bitcoin, generating $30 million in capital gains, should focus criticism not on Bitcoin acquisition but on its ongoing red ink.

Bitcoin should be regarded as “universal capital in the digital age.” Just as power infrastructure drives all machinery, Bitcoin is becoming a fundamental means of value preservation and transfer in the digital economy. For loss-making companies, it can improve their balance sheets; for profitable companies, it can increase earnings. From this perspective, adopting Bitcoin is not mere speculation but a rational choice as a tool for operational efficiency.

Saylor dismisses concerns about market size. With 400 million companies worldwide, why would the market saturate with just a few hundred holding Bitcoin? The problem setting itself is considered illogical.

Outlook for the Digital Credit Market: Strategy’s Business Model and Infinite Expansion Potential

Saylor’s vision at Strategy is not banking but building “digital credit.” Using dollar reserves to enhance corporate creditworthiness, aiming to enter a financial market that can theoretically expand almost infinitely.

Most of the financial sectors utilizing Bitcoin as collateral or capital—such as the senior credit market, corporate credit market, derivatives market, exchange operations, and insurance—remain largely unexplored. Bitcoin-backed derivatives have far greater growth potential than traditional derivatives, and Bitcoin-backed exchanges can generate added value beyond standard trading functions. Currently, there are no insurance companies on Earth using Bitcoin-backed collateral or capital. This industry is inherently enormous.

Strategy does not enter banking to avoid dispersing focus. It believes that concentrating efforts on developing top-tier digital credit products and truly reforming the currency, banking, and credit markets is essential. It avoids competing with customers and instead finds meaning in being a transformer of the existing system.

Holding dollar reserves signifies building trust among credit investors. For participants in the credit market who dislike the volatility of Bitcoin or stocks, holding the most creditworthy assets dramatically enhances corporate image. While equity investors seek increased Bitcoin holdings, in the credit market, the stability of dollar reserves is the ultimate signal—this encapsulates the uniqueness of Strategy’s business model.

Underlying this business philosophy is the principle that corporate value is influenced not only by management attitude but also by the potential for future creation. Because they are not doing it now, there are areas with potential for future development. The acceleration of institutional adoption of Bitcoin in 2025 can be seen as just the beginning of a financial revolution centered on digital credit.