Michael Saylor Outlines Bitcoin's Next Phase as Digital Capital on July 5Michael Saylor, MicroStrategy Executive Chairman, outlined on July 5 how bitcoin will evolve as digital capital embedded in global finance rather than a simple buy-and-hold asset. In an essay published on X, Saylor argued that digital credit could deepen bitcoin's adoption across banks, funds, insurers, pensions, and sovereign finance, with institutions using BTC as capital through lending markets, collateral systems, and structured products. He wrote: "The strongest version is bitcoin becomes the neutral, global, scarce asset against which capital, credit, and commerce are organized." Saylor framed the expansion around institutional interfaces as strengthening bitcoin itself, though he highlighted a key risk: if paper claims outpace real bitcoin reserves, financial systems built around it—not bitcoin itself—face counterparty