The Fusion of Bitcoin and Credit Markets — Michael Saylor's Vision of the Digital Financial Revolution in 2026

Michael Saylor (Founder and Chairman of Strategy) emphasized in an interview on the “What Bitcoin Did” podcast that Bitcoin’s true victory lies not in short-term price fluctuations but in institutional and foundational adoption, along with the structural changes in credit markets that accompany it. He provides a detailed perspective on the fundamental transformation the industry is experiencing toward 2026.

Saylor describes the progress in the Bitcoin ecosystem over the past year (2025) as a “historic leap,” pointing out that it is not merely a technological innovation but a fundamental redefinition of the financial system itself. Of particular importance is how traditional financial institutions have begun to evaluate Bitcoin.

The Fundamental Shift Indicated by Rapid Institutional Adoption

The number of companies holding Bitcoin on their balance sheets increased rapidly from 30–60 in 2024 to about 200 by the end of 2025. This figure signifies more than just portfolio diversification; it indicates that institutional trust in Bitcoin has been established.

According to Saylor, several factors support this acceleration of adoption. First, insurance coverage, which had been unavailable for many years, was restored in 2025. He recounted his experience of having his Bitcoin insurance contract unilaterally canceled by an insurance company when he purchased Bitcoin in 2020, and how he had been supplementing personal assets with corporate insurance for four years afterward. The improvement in this situation suggests a fundamental shift in the insurance industry’s trust evaluation of Bitcoin.

Next, the introduction of fair value accounting allowed Bitcoin-holding companies to recognize unrealized gains in their financial statements. Previously, unrealized capital gains taxes prevented many companies from fully leveraging profits from Bitcoin holdings. Clear government guidance effectively resolved this obstacle in 2025, signifying that Bitcoin’s credibility as a financial asset has been recognized at the national level.

Major US banks have also responded swiftly to this shift in trust. From a situation at the beginning of the year where a $1 billion worth of Bitcoin collateral could only secure a 5-cent loan, most large US banks by year-end had begun offering loans collateralized by iBIT (Bitcoin ETF), and about a quarter of them plan to offer direct Bitcoin collateral loans. JPMorgan Chase and Morgan Stanley are also exploring Bitcoin trading and processing.

The True Value of Bitcoin from a Long-Term Perspective

In the interview, Saylor repeatedly emphasizes the futility of short-term price predictions. Despite Bitcoin recently reaching an all-time high 95 days ago, many market participants are reacting emotionally to recent price swings. He points out that this psychological state distracts from the core goal of long-term value building.

Saylor draws a historical analogy to ideological movements over the past 10,000 years, noting that dedicated individuals typically spend a decade on their pursuits. In other words, if the true goal is the commercialization of Bitcoin, then success should not be judged on 100-day or 100-month metrics. Evaluating Bitcoin’s performance using a four-year moving average reveals a strongly bullish trend.

From a market psychology standpoint, Saylor considers the price declines over the past 90 days as “an excellent opportunity for foresighted individuals to buy more Bitcoin.” This reframing suggests a paradigm shift from viewing short-term downturns as problems to recognizing strategic opportunities for institutions and early adopters.

Bitcoin as a Universal Capital in the Digital Age—A Shift in Corporate Strategy

Regarding the projection that over 200 companies will purchase Bitcoin in 2025, some have questioned whether the market can absorb such growth. Saylor sharply counters this, arguing that with approximately 400 million companies worldwide, worrying about market saturation at just 200 Bitcoin adopters reflects a fundamental misunderstanding of market size.

He outright dismisses criticisms of Bitcoin-holding companies as “misguided.” For example, if a company with a $10 million annual loss holds $100 million worth of Bitcoin on its balance sheet and generates $30 million in capital gains, what exactly is there to criticize? The real issue, he suggests, is the ongoing losses; companies that continue to lose money while holding Bitcoin are the real problem, not those that profit from it.

The business model of Bitcoin-holding companies can be likened to factories owning power infrastructure. It’s not merely speculative; Bitcoin is a fundamental tool for productivity enhancement. Just as electricity is a universal capital powering machinery, Bitcoin is beginning to function as a universal capital in the digital age, according to Saylor. From this perspective, holding Bitcoin is a rational strategic decision for companies, rather than a mere investment.

Saylor also warns against excessive debate and criticism within the Bitcoin community. He emphasizes that most Bitcoin supporters share core values, with only about 1% opposing, and that supporters should recognize this reality rather than fight among themselves.

The Digital Credit Market—Strategy’s Vision for a New Lending Paradigm

Saylor revealed that Strategy’s true vision is not banking but creating a digital credit market. He believes that the existing financial system framework needs to be fundamentally redefined, which will also change the very definition of the credit market itself.

Strategy’s business model positions Bitcoin as “digital capital” and aims to develop “digital credit” products collateralized by it. By strategically deploying dollar reserves, the goal is to enhance corporate creditworthiness and gain trust from credit investors. Investors entering the credit market tend to view Bitcoin and stock volatility as too high, so providers of digital credit products must maintain assets with the highest credit quality.

The role of dollar reserves is not to ensure liquidity but to improve credit ratings. While equity investors may prefer increased Bitcoin holdings and volatility, credit investors seek the most stable, high-credit-quality assets. To become a leading player in digital lending, Strategy needs a dollar asset base that satisfies this credit investor psychology.

Saylor highlights the potential market size for this business. If a product like STRC (Strec Deferred Digital Credit), designed as a listed product with a 10% dividend yield and valuation multiples of 1–2x, captures just 10% of the US Treasury market, it could reach a $10 trillion market size. He sees an environment where such products are increasingly in demand.

A Fundamental Reassessment of Corporate Value

Saylor points out that the method of valuing corporate worth must also be fundamentally redefined. Companies exist to create value, which should be determined by the essence of their operations. If a company in Japan can sell digital credit products at a 6% yield when other credit markets only offer 2%, what would its value be? It could even become Japan’s most valuable company.

In other words, short-term valuation metrics like P/B ratios or mNAV do not reflect a company’s intrinsic value. What matters is what the company is trying to do to build the digital credit market itself.

Saylor emphasizes the scale and growth potential of the credit market. Considering the size of the senior credit and corporate credit markets, the Bitcoin-collateralized credit market has enormous growth potential compared to traditional markets. The space is expanding to include Bitcoin-backed derivatives, exchanges, and even insurance companies capitalized by Bitcoin—areas where new entrants can participate from zero.

He also points out that corporate value based on stock holdings depends not only on current capital utilization but also on future actions. The idea that something is not yet realized does not mean it is impossible; this suggests that Strategy’s expansion plans are based on feasible strategies, not just ideas.

The Bitcoin digital credit market in 2026 should be evaluated from a long-term perspective of a fundamental shift in the credit system, rather than short-term price fluctuations. What Michael Saylor emphasizes is the profound significance of this structural change and the rationality of the business strategies based on it.