Mr. Seiler discusses: Bitcoin's achievements in 2025, and Strategy's next challenge

Mr. Michael Saylor (Founder and Chairman of Strategy) shared important insights on the “What Bitcoin Did” podcast, rephrasing the fundamental shift in the Bitcoin market. He pointed out that the true victory for Bitcoin lies not in short-term price fluctuations but in the development of the institutional infrastructure, and that 2025 was a year of laying such foundations. At the same time, he revealed that Strategy’s preparations to enter the digital credit market are now in a stage ready to achieve even greater results.

Institutional Adoption Rephrases True Success

The biggest change in the Bitcoin market in 2025 was not in price but in the maturity of the institutional infrastructure. The number of companies holding Bitcoin on their balance sheets increased from about 30-60 to approximately 200. With official government approval, the revival of insurance coverage, and the introduction of fair value accounting, corporate Bitcoin holdings shifted from mere speculation to a strategic management tool.

Until 2020, when Bitcoin was purchased, insurance companies would cancel contracts, and Mr. Saylor personally bore enormous insurance premiums. However, by 2025, this situation dramatically improved. Major US banks began offering Bitcoin-backed loans, the Treasury Department issued positive guidelines on banks’ crypto holdings, and CFTC and SEC chairpersons expressed support for Bitcoin.

At CME, commercialization of Bitcoin derivatives advanced, and a new mechanism was introduced allowing tax-free exchange of Bitcoin worth $1 million into IBIT (ETF). These changes signify that Bitcoin has established a firm position within the financial system.

Long-term Fundamentals Outshine Short-term Price Predictions

Mr. Saylor emphasized the futility of evaluating short-term price fluctuations. Despite Bitcoin reaching an all-time high 95 days ago, market participants were disappointed after just a few days of decline. This contradicts Bitcoin’s underlying philosophy of “lowering time preference.”

Looking at historical ideological movements, people who sincerely pursue something typically spend about ten years. If the goal is Bitcoin commercialization, success should not be evaluated in weeks or months, but over a four-year moving average, which already shows a bullish trend.

The price decline over the past 90 days is, for Mr. Saylor, merely “a perfect opportunity for foresighted people to buy more Bitcoin.” Currently, Bitcoin is around $89,400, but considering the fact that it hit a record high exceeding $126,000 in 2025, the long-term market trend is clear.

Bitcoin as Universal Capital, Strategy Achieves Results in the Digital Credit Market

Mr. Saylor compared corporate Bitcoin holdings to “factories owning power infrastructure.” Just as electricity is a universal capital powering all machinery, Bitcoin is a universal capital in the digital age, serving not just as a speculative asset but as a tool to enhance productivity.

While there are about 400 million companies worldwide, Saylor argues that questioning whether around 200 companies holding Bitcoin is “misguided.” For loss-making companies, improving the balance sheet can be expected; for profitable companies, increasing revenue is possible. The real issue is not companies buying Bitcoin but those incurring losses yet not holding Bitcoin.

Strategy’s strategy focuses on leveraging dollar reserves to enhance corporate creditworthiness and succeed in the digital credit market. It shows no interest in banking, instead clearly dividing roles: “Bitcoin is digital capital, Strategy is digital credit,” building a business model that can theoretically expand almost infinitely. With a target of capturing 10% of the US Treasury bond market, which would amount to $10 trillion, the foundation for results after 2026 has already been laid.

Mr. Saylor’s series of statements indicate that 2025 was not an “boring year of price adjustments” for Bitcoin and related crypto companies, but rather a “major turning point rephrased as an institutional victory.”