What is the fundamental victory of Bitcoin: Mr. Saylor discusses the future and strategy of digital capital

Bitcoin is achieving a true fundamental victory. Strategy founder and chairman Michael Saylor emphasized in a detailed interview on the “What Bitcoin Did” podcast that institutional and infrastructural adoption, rather than short-term price fluctuations, proves Bitcoin’s fundamental significance. What emerges from Saylor’s statements is a vision of the future of digital capital that is rapidly transforming by 2025.

Accelerating Institutional Adoption: The Meaningful Changes Brought by 2025

2025 has become one of the most significant turning points in Bitcoin history. According to Saylor, the number of companies holding Bitcoin on their balance sheets has surged from about 30-60 in 2024 to approximately 200. This figure is not just an increase but symbolizes a fundamental shift in institutional trust.

The revival of insurance is a symbolic event. Saylor revealed that when he purchased Bitcoin in 2020, he was canceled by an insurance company. Even with corporate assets ranging from $20 billion to $40 billion at the time, they could not obtain insurance coverage. That situation dramatically changed in 2025, with insurance coverage being restored. This shift indicates that institutions are beginning to recognize Bitcoin not as a speculative asset but as a “normal asset” that can be insured.

The introduction of fair value accounting also has profound significance. Previously, listed companies holding Bitcoin faced challenges in recording unrealized capital gains for tax purposes. In 2025, this accounting principle changed, allowing companies to recognize gains from the appreciation of their Bitcoin holdings. With the government officially recognizing Bitcoin as a major digital commodity, regulatory resistance has also diminished.

Bullish Fundamentals Indicated by Market Changes: Three Fundamental Shifts in Insurance, Accounting, and Regulation

The integration into the banking system is the most dramatic change. At the beginning of the year, even with $1 billion in Bitcoin collateral, only a few cents of loans could be obtained. By the end of the year, nearly all major US banks had begun offering loans collateralized by IBIT, and about a quarter of banks planned to offer direct Bitcoin-backed loans. JPMorgan Chase and Morgan Stanley have started discussions on Bitcoin trading and processing.

This shift is backed by positive guidance from the US Department of the Treasury. The Treasury hinted at clear support for including crypto assets on bank balance sheets. The SEC Chair and CFTC Chair also issued official statements supporting Bitcoin and cryptocurrencies.

Market infrastructure has also seen significant progress. The CME (Chicago Mercantile Exchange) is advancing commercialization of Bitcoin derivatives. Furthermore, innovative mechanisms have been introduced, such as the physical issuance and redemption of Bitcoin equivalent to $1 million with IBIT, which is tax-free. This structure suggests that Bitcoin is no longer just a commodity but is beginning to function as part of the mainstream financial system.

Currently, Bitcoin is trading at $90.05K (up 2.01% in 24 hours), and by 2025, it is expected to reach a record high of $126.08K. According to Saylor, all these fundamental institutional changes combined make 2025 “the year everything you wanted was achieved.”

The Futility of Short-Term Price Predictions and the Importance of a Long-Term Perspective

Saylor explicitly dismissed discussions about short-term price movements. Despite Bitcoin reaching a new high 95 days ago, it is unreasonable to be concerned about current price fluctuations. Focusing on short-term price swings contradicts Bitcoin’s fundamental philosophy, according to Saylor.

If the core philosophy of Bitcoin is to “lower time preference,” then evaluating prices over 100 or 1,000 days makes no sense. Historically, those dedicated to ideological movements have typically succeeded over a decade. Many do not succeed after ten years, and it often takes 20 or 30 years to finally succeed.

Looking at Bitcoin’s 4-year moving average, a strongly bullish trend is visible, Saylor points out. The important thing is not the price 90 or 180 days from now but the fact that the entire industry is moving in the right direction. The network is heading the right way, and the recent downturn over the past 90 days was “an excellent opportunity for foresighted individuals to buy more Bitcoin.”

Bitcoin as a Universal Capital Like Electricity: The Essential Meaning of Corporate Adoption Strategies

Saylor strongly supports corporate Bitcoin purchase strategies. Even loss-making companies can expect improved financials by holding Bitcoin on their balance sheets. For profitable companies, asset appreciation can serve as an additional revenue source. For example, a company recording a $10 million annual loss could generate $30 million in capital gains by holding $100 million worth of Bitcoin.

The fundamental question is, “What is wrong with this company’s approach?” The criticism should not be directed at companies buying Bitcoin but at those continuing to incur losses. In fact, companies that are losing money but do not hold Bitcoin are the ones that should be criticized.

There are 400 million companies worldwide that could buy Bitcoin. Yet, only about 200 have done so, and the market is not saturated—this is fundamentally contradictory. Saylor emphasizes the structural similarity between Bitcoin-holding companies and factories equipped with power infrastructure.

“Bitcoin is a universal digital capital, not just a speculative commodity, but a tool for increasing productivity. Just as electricity powers all machinery, Bitcoin is the infrastructure driving the digital age.”

This metaphor clearly illustrates the fundamental meaning of adopting Bitcoin. It is not an investment decision but a choice of basic infrastructure in the digital economy.

The $10 Trillion Ambition of the Digital Credit Market: Strategy’s Fundamental Vision

Strategy’s reason for not entering banking is a clear strategic decision. According to Saylor, their business can theoretically expand almost infinitely. The goal is to realize a product called Strategy Deferred Digital Credit (STRC) with a 10% dividend yield and a listed product with a value of 1 or 2.

If they can capture 10% of the US Treasury market, that amounts to a $10 trillion market size. This potential market is vastly larger than existing financial products. How many companies issue senior credit or corporate credit? It is clear that the market has not reached saturation.

Developing various financial products backed by Bitcoin is also a possibility—derivatives, exchanges, and even insurance companies. “Currently, there are zero insurance companies using Bitcoin as collateral or capital. The industry scale is enormous.”

The strategy of holding dollar reserves also aligns with this fundamental vision. Credit investors see high volatility in Bitcoin and stocks. To aim for a top position in the digital credit market, they need the highest creditworthiness. Holding dollar reserves enhances corporate creditworthiness and increases product appeal.

Saylor’s final point is fundamental: “A company’s value is determined not only by how it currently uses capital but also by what it will do in the future. Just because it hasn’t done it yet doesn’t mean it can’t.” This reflects Strategy’s true ambition—to use Bitcoin as the foundation of digital capital and transform the global monetary system, banking system, and credit markets themselves.

The institutional foundation established in 2025 is only the first stage of these larger ambitions. In that sense, Bitcoin’s fundamental victory is just the beginning.