Strategy founder Michael Saylor published a long post stating that the biggest evolution of Bitcoin in the next decade will come from "fewer changes" at the protocol layer, along with the expansion of capital markets, applications, and institutional adoption. He believes that Bitcoin should serve as a globally neutral, scarce digital capital and final settlement layer, and its future trajectory will be increasingly less dominated by the four-year halving cycle and more influenced by capital flows such as ETFs, corporate treasuries, sovereign reserves, bank credit, derivatives, and collateral. Saylor said that innovation should occur more at the peripheral layers—such as wallets, custody, Lightning, sidechains, digital credit, and institutional settlement—rather than easily changing Bitcoin's base protocol.