Michael Saylor's Implication of Bitcoin Institutionalization — Strategy for the Digital Credit Market in 2026

Mr. Michael Saylor (Founder and Chairman of Strategy) appeared on the “What Bitcoin Did” podcast and discussed the structural changes in the Bitcoin industry. His notion of “victory” is not about short-term price fluctuations but about the progress of institutional and foundational adoption. Reflecting on this statement reveals that we are approaching a fundamental turning point in the digital asset market toward 2026.

Bitcoin’s “Victory” Lies in Establishing Institutional Foundations, Not Short-term Prices

Saylor characterizes the current stage, approaching Bitcoin’s 17th year, as a “year of historic leap.” While market price fluctuations at year-end tend to attract attention, he emphasizes multiple significant developments at the foundational layer.

Specifically, in 2024, there were about 30 to 60 companies holding Bitcoin on their balance sheets, which increased to approximately 200 by 2025. This number alone can be misleading—it suggests that Bitcoin’s perception has shifted significantly from a “speculative asset” to a “corporate asset.”

At the same time, three major developments occurred: the revival of insurance applicability, the realization of profit recognition through fair value accounting, and official recognition of Bitcoin by governments. These are not merely market events but indicate acceptance of Bitcoin from the perspective of institutional infrastructure, symbolizing a transition toward industrialization.

Integrating Balance Sheets with Financial Institutions—Reflecting on Major Progress in 2025

The relationship between banking systems and Bitcoin has evolved. Early in the year, it was difficult to secure loans collateralized by $1 billion worth of Bitcoin, but by year’s end, nearly all major US banks had begun offering loans collateralized by IBIT (Bitcoin spot ETFs), and about a quarter announced plans for direct Bitcoin collateralized loans.

The Treasury Department provided positive guidance on incorporating crypto assets into balance sheets, and the chairs of the CFTC (Commodity Futures Trading Commission) and SEC (Securities and Exchange Commission) also expressed support for Bitcoin. Furthermore, CME advanced the commercialization of Bitcoin derivatives, and a tax-free physical exchange mechanism for Bitcoin and IBIT worth $1 million was introduced.

Looking back at 2025, these infrastructural developments clearly indicate that Bitcoin is being integrated into the global financial system. It is essential to reinterpret this change not from a short-term price perspective but from the viewpoint of system integration.

Correctly Recognizing Market Size—The Significance of the Debate Over Corporate Bitcoin Purchases

Some express concern about whether the market can handle the increasing number of companies buying Bitcoin. However, Saylor fundamentally questions the premise of this concern.

There are 400 million companies worldwide. Even if only 200 companies currently hold Bitcoin, this is a tiny fraction of the market size. The more pertinent question is, “Why can’t all 400 million companies buy Bitcoin?”—a reverse inquiry that highlights the enormous potential scale of the Bitcoin market.

The motivation for companies to purchase Bitcoin should also be understood more rationally. Even unprofitable companies can expect improved balance sheets through Bitcoin holdings, and profitable companies can see increased revenues. Holding Bitcoin can be positioned as securing universal capital—similar to owning a power infrastructure factory—that enhances productivity.

Much time has been spent debating whether Bitcoin purchases are appropriate. However, from a 2026 perspective, the fundamental issues shift to “how to recognize market size” and “how to accept systemic transformation”—these are the core questions.

The Potential of the Digital Credit Market—Strategy’s Strategic Vision

Strategy itself does not engage in banking because it aims to focus on larger opportunities. The company envisions building a “digital credit” market.

Positioning Bitcoin as digital capital, Strategy plans to leverage dollar reserves to enhance corporate creditworthiness and offer digital credit products. The potential market size for this strategy is astonishing. If they capture just 10% of the US Treasury bond market, it would amount to a $10 trillion market.

Many companies issue senior credit and corporate credit, and this market is far from saturated. The fact that there are no insurance companies on Earth currently using Bitcoin as collateral or capital for derivatives, exchanges, or insurance products demonstrates how early this industry still is.

Strategy’s management philosophy is clear: Bitcoin is digital capital, and the company is a digital credit enterprise. The combination of these elements will establish a new credit creation mechanism different from the traditional financial system.

The Revival of Long-term Perspective—Beyond Short-term Forecasts

Saylor repeatedly emphasizes the futility of focusing on short-term trends over 100 days or 10 months. Looking at the entire history of ideological movements over the past 10,000 years, those who are truly dedicated tend to spend a decade on their pursuits. If the goal is the commercialization of Bitcoin, then the time scale for evaluating success should be commensurate.

Attempting to predict Bitcoin’s price in 2026 at 90 or 180 days ahead has little intrinsic value. Evaluating Bitcoin’s performance using a 4-year moving average reveals a notably bullish trend, which carries more fundamental significance.

An understanding that the entire industry is moving in the right direction, and that the network is progressing correctly, is essential for comprehending the 2026 market. When reflecting on this perspective, it becomes clear that the true meaning of the Bitcoin market is determined not by short-term price fluctuations but by foundational progress—such as institutionalization, infrastructure development, and market expansion.