I didn't expect Michael Saylor's Bitcoin philosophy to be so thorough. Listening to his latest interview, the founder of MicroStrategy, it’s clear that his approach is not just about corporate Bitcoin investment strategies but about redesigning the entire economic system.

Currently, MicroStrategy holds over 470,000 Bitcoin. The total acquisition cost is $31.1 billion, with an average purchase price of $65,033. As the company with the largest Bitcoin holdings in the world, Michael Saylor compares this strategy to developing a "Digital Manhattan." That means it’s not about selling but about continuously buying forever.

What’s interesting is that he completely rejects the theory of Bitcoin price cycles. In the era of institutional investment, the market is no longer driven by minor miners’ hash rates but by demand from mega funds like BlackRock. According to Saylor, Bitcoin could increase an average of 29% annually over the next 21 years, potentially reaching $13 million by 2045. At current prices, that’s less than 1% of the purchase price.

Saylor emphasizes a strategy of issuing securities backed by Bitcoin collateral. For example, issuing $1 billion in securities secured by $10 billion worth of Bitcoin, paying 8% interest, and generating a 60% return. From a risk management perspective, collateralization is far more rational than lending.

He is also positive about Asian companies adopting this strategy. As more companies participate, the Bitcoin network will strengthen, benefiting all holders. He sees this as a virtuous cycle.

Regarding Bitcoin custody, Saylor is very pragmatic. Some prefer self-custody, while others need institutional safekeeping. Options vary depending on circumstances—whether it’s a 3-year-old, an 80-year-old, a blind person, or a trust for a fetus. The security standards of major banks are entirely different from those of small crypto exchanges.

On the topic of a Bitcoin national reserve under the Trump administration, Saylor is cautious but optimistic. He notes that if political consensus is formed, it could accelerate growth across the industry.

Saylor’s view on meme coins is cold. When classifying digital assets, he states that "digital commodities" like Bitcoin, which have no issuer, are the strongest, while other tokens are likely to eventually become worthless. Without regulatory frameworks in place, institutional investors won’t make large investments.

He dismisses the criticism that "Bitcoin is too expensive and only the rich can buy it." You can buy it in fractions of Satoshi, less than a cent, and unlike real estate, you can own one-billionth of a Bitcoin. He argues that Bitcoin is actually the most democratic way to distribute assets.

Regarding the evolution of the Bitcoin protocol, Saylor is conservative. He believes that 99.9999% of large-scale upgrades ultimately cause harm. This stance is likened to legislation—excessive regulation can destroy the market, based on economic insights.

Finally, Saylor defines Bitcoin not as a "religion" but as an "economic protocol." Based on thermodynamics, it’s a technological mechanism that links economic energy to individuals for the first time in human history. Like fire, electricity, or mathematics, Bitcoin is an essential infrastructure for human prosperity. He also tells Chinese investors that access to this digital energy network signifies a transition from 20th-century assets to 21st-century assets.