Strategy discusses Bitcoin's credibility building—2025 as a turning point for institutionalization

What emerges from Michael Saylor’s podcast interview is the reality that Bitcoin has transformed from a mere speculative asset into an institutional asset. The true victory lies not in short-term price fluctuations but in Bitcoin gaining social credibility and becoming integrated into corporate and banking systems.

Over 200 Companies Adopt, Institutional Investors Gaining Trust

As of 2024, approximately 30 to 60 companies held Bitcoin on their balance sheets. The forecast that this number will reach about 200 by the end of 2025 is not just about increasing figures. This movement is evidence that companies are beginning to recognize Bitcoin as a trustworthy asset.

Saylor emphasizes the rationality of companies holding Bitcoin. Even for loss-making companies, holding $100 million worth of Bitcoin on their balance sheets can generate tens of millions of dollars in capital gains. We have entered an era where corporate value creation is influenced not only by operational results but also by strategic asset allocation.

There are about 400 million companies worldwide. Currently, around 200 companies hold Bitcoin, and theoretically, there is significant room for this ratio to expand. The market is not saturated; rather, it is still in its early stages.

From Insurance Revival to Bank Lending—Regulation and Market Infrastructure Improvements

The regulatory changes in 2025 significantly enhanced Bitcoin’s credibility. Three key points are particularly important:

Insurance Revival: When Saylor purchased Bitcoin in 2020, insurance companies canceled their policies. For four years afterward, companies had to cover their insurance with personal assets, but by 2025, they were finally freed from this situation. The revival of insurance coverage signifies that Bitcoin is beginning to be treated on par with regular assets.

Accounting Standard Shift: The introduction of fair value accounting allows unrealized gains from Bitcoin holdings to be recorded on the balance sheet. Simultaneously, proactive government guidance has resolved issues related to unrealized capital gains taxes. As a result, corporate Bitcoin holdings are increasingly recognized as transparent business decisions.

Integration with Banking Systems: Major US banks have begun offering Bitcoin-backed loans, with a quarter of banks planning to do so by early 2026. JPMorgan Chase and Morgan Stanley are also discussing Bitcoin trading and processing, and the Chicago Mercantile Exchange (CME) is advancing the commercialization of derivatives markets.

Furthermore, a mechanism has been introduced that allows tax-free mutual exchange between Bitcoin worth $1 million and IBIT (Bitcoin ETF) worth $1 million. This has significantly matured Bitcoin’s liquidity and market infrastructure.

Building Long-Term Foundations Rather Than Short-Term Price Fluctuations—A Perspective on Industry Maturity

“Predicting short-term prices is meaningless”—Saylor’s statement challenges the long-standing “4-year cycle” debate within the Bitcoin community.

Despite Bitcoin reaching an all-time high in October 2024, pessimism spread due to subsequent price declines. However, looking at a four-year moving average reveals a very bullish upward trend. Focusing on daily price fluctuations is akin to losing sight of the forest.

Saylor draws on historical ideological movements. Those pursuing significant change or success typically spend a decade. If the goal is Bitcoin institutionalization, success should not be evaluated over weeks or months. Instead, foundational changes like the revival of insurance, changes in accounting standards, and acceptance by banking systems are more important than short-term price swings.

From this long-term perspective, the past 90 days are an excellent opportunity to buy more Bitcoin. While market sentiment is influenced by short-term declines, forward-looking investors can steadily build positions.

Digital Credit Market to Reach $10 Trillion—Next Steps for Strategy

Strategy’s business focus is not on finance but on “building digital credit.” Saylor explicitly states he has no interest in banking. The reason is to avoid losing focus.

The key is for Strategy to concentrate solely on creating the world’s best digital credit products. Estimations of the potential market size for Bitcoin-backed lending products suggest it could far surpass traditional credit markets.

Specifically, capturing 10% of the US Treasury bond market could theoretically reach a $10 trillion market size. Offering listed products with a 10% dividend yield and a valuation multiple of 1–2 times would attract all investors.

Saylor’s clear business philosophy is: “Bitcoin is digital capital, and Strategy is digital credit.” The reason for holding dollar reserves is not just liquidity but to enhance corporate creditworthiness. Investors purchasing credit products seek higher credit quality than the volatility of Bitcoin or stocks. To become the largest player in digital lending, a stable asset base is essential.

Finally, an important legal perspective: corporate value is not only determined by current capital management but also by what can be achieved in the future. Even in business areas not yet realized by Strategy, if the company has feasible capabilities, that potential should be reflected in stock value. This long-term, strategic perspective is the essence of corporate management in the Bitcoin era.