Strategy's 'Not Interested' Banking Sector: Michael Saylor's Vision of the 'Rephrasing' Era of Bitcoin

The true victory of Bitcoin lies not in short-term price fluctuations but in institutional adoption and the maturation of market infrastructure, a perspective gaining attention in the cryptocurrency industry. Michael Saylor, founder and chairman of Strategy, points out that 2025 will be a “historically best year” for Bitcoin, and 2026 will be a period where its achievements become even more evident. What emerges from his statements is a reevaluation of Bitcoin’s intrinsic value and a major strategic shift based on that reevaluation.

2025, Bitcoin’s ‘Rephrasing’ as an Institutional Victory

Historically, Bitcoin has often been regarded as a speculative asset. However, throughout 2025, its positioning is fundamentally being ‘rephrased.’

First, notable is the rapid increase in the number of companies holding Bitcoin on their balance sheets. The number of such companies, which was about 30 to 60 in 2024, is expected to reach approximately 200 by the end of 2025. This figure signifies not just growth but indicates that Bitcoin holdings are beginning to be recognized as a ‘standard option’ among institutional investors and corporate treasury departments.

Changes in the regulatory environment are also prominent. The insurance issues that had been challenging for four years were resolved in 2025, allowing companies to obtain appropriate coverage for their Bitcoin assets. With the introduction of fair value accounting, companies can now recognize unrealized capital gains from Bitcoin holdings as profits. Governments have also shown a stance of formal recognition, referring to Bitcoin as “the world’s leading and largest digital commodity.”

Rapid Expansion of Institutional Adoption: The Era of 200 Companies

From the perspective of financial system integration, the changes in 2025 are even more fundamental. Almost all major US banks have begun or are preparing to offer loans collateralized by Bitcoin spot (IBIT). From a situation where, at the start of the year, only about $1 billion worth of Bitcoin could be used as collateral for loans worth just 5 cents, 25% of banks have now moved to either start or plan to start offering loans directly collateralized by Bitcoin (BTC).

Regulatory responses are also reaching a turning point. The US Department of the Treasury has issued positive guidelines on incorporating crypto assets into bank balance sheets, and both the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have expressed support. At the Chicago Mercantile Exchange (CME), commercialization of Bitcoin derivatives markets is progressing, enabling tax-free physical exchanges between Bitcoin worth $1 million and Bitcoin ETFs (IBIT).

These developments suggest that Bitcoin has been ‘rephrased’ from a mere asset to a ‘component of the financial system.’

The Importance of a Long-Term Perspective: Thinking Beyond Short-Term Price Predictions

In the Bitcoin market, there is a tendency to focus excessively on short-term price fluctuations. However, what Saylor emphasizes is the need for a fundamental shift in this way of thinking.

The background for the claim that predicting prices 100 or 180 days ahead is meaningless is that the evaluation axis of Bitcoin commercialization should be ‘rephrased.’ Looking at Bitcoin’s 4-year moving average, the long-term trend remains bullish. Short-term price fluctuations are, in essence, just ‘noise’ during the rapid process of institutional adoption, according to Saylor.

If the industry is heading in the right direction, then a decline in price over the past 90 days is nothing but an ‘excellent opportunity for foresighted individuals to buy more Bitcoin.’ This shift in perspective is why many companies consider purchasing Bitcoin a strategic decision.

Bitcoin as ‘Universal Capital’ in the Digital Age

An important ‘rephrasing’ in understanding Bitcoin’s value is to reconceptualize Bitcoin holdings, which have traditionally been seen as speculative products, as ‘tools’ for productivity enhancement.

Just as electricity is a universal capital that powers factory machinery, Bitcoin is positioned as universal capital in the digital age. Companies with deficits could improve their balance sheets by holding Bitcoin. For profit-generating companies, there is potential to increase revenue through capital gains.

For example, a company with a $10 million annual loss that holds $100 million worth of Bitcoin and generates $30 million in capital gains should evaluate its value not just based on the loss itself but on how it compensates for it. There are about 400 million companies worldwide. The question of why all companies cannot purchase Bitcoin hints at the enormous growth potential of the market.

Dollar Reserves and Bitcoin: Entry Strategies into the Digital Credit Market

Strategy’s disinterest in banking stems from its management philosophy. The company aims to build a ‘digital credit market’ based on Bitcoin as capital.

Engaging in traditional banking would mean competing with customers and diluting management focus. Instead, the company is dedicated to offering the ‘world’s best digital credit products,’ envisioning a scale of business difficult to achieve in conventional financial markets. The expanding fields include Bitcoin-collateralized derivatives exchanges and Bitcoin-collateralized insurance products—areas that no one has yet fully explored.

The strategy of increasing dollar reserves is a concrete expression of this policy. For investors purchasing credit products, combining high-volatility Bitcoin with dollar reserves can be recognized as a ‘high-credit asset,’ enhancing competitiveness in the digital credit market. Theoretically, capturing 10% of the US Treasury bond market could amount to a potential market size of $10 trillion.

Redefining Corporate Value: Current Actions and Future Potential

Regarding the subdued market valuation (P/B ratio and market-to-asset ratio) of Bitcoin-holding companies, Saylor’s comments touch on the essence of corporate valuation. Since companies exist to create value, that value should be determined by the quality of their business operations.

While equity investors seek increased Bitcoin holdings, credit investors prioritize stability. The digital credit market envisioned by Strategy has the potential to far surpass traditional credit markets, responding to the demands of both investor groups. It is a domain that should be evaluated not only based on what companies are doing now but also on what they can do in the future—a rapidly forming area in the cryptocurrency industry.

As institutional adoption of Bitcoin progresses in 2026, this kind of strategic shift is expected to ripple throughout the entire market.