In a wide-ranging September interview with Bitcoin Journal, MicroStrategy govt chairman Michael Saylor condensed 5 years of company experimentation right into a stark, nearly mechanical blueprint for what he calls Bitcoin’s “endgame”: accumulate an unprecedented stockpile of the asset as digital capital, then manufacture a brand new tier of credit score markets on high of it.
“The endgame is we accumulate a trillion {dollars} price of BTC after which we develop that capital by issuing extra credit score,” Saylor mentioned. He forged the maneuver not as a speculative facet wager however as the following logical section of company finance, with Bitcoin reconstituted as “digital power” and stability sheets reimagined as engines that spin yield from over-collateralized, Bitcoin-backed devices.
Saylor’s Bitcoin Endgame Plan
Saylor’s framing is intentionally elemental. He stitched BTC right into a centuries-long lineage of civilization-scale power breakthroughs—from hearth and metal to petroleum and electrical energy—arguing that the asset’s financial properties are finest understood as a method to transfer financial “power” throughout time and house at mild velocity.
“Bitcoin is hope as a result of Bitcoin represents digital power,” he mentioned. “A method to convey power by time, by house… the following paradigm shift.” To Saylor, the institutional misunderstanding of that shift shouldn’t be a bug however the core of the chance. “I’d say 95% of the choice makers within the finance world nonetheless don’t actually embrace or perceive the thought of digital power,” he argued, including that society’s digestion lag is typical of paradigm shifts: “Bitcoin is evolving sooner than society can digest it.”
On the coronary heart of the playbook is an easy balance-sheet id, scaled. Deal with Bitcoin because the financial base—“digital gold”—then securitize it as “digital credit score” in varieties acquainted to capital markets: converts, preferreds, money-market-like paper, longer-duration bonds. “If I create an organization that buys Bitcoin and I accumulate a billion {dollars} of Bitcoin, I’ve a billion {dollars} of digital capital. What can I do with it? I can difficulty digital credit score,” he mentioned.
In Saylor’s mannequin, the fairness of a agency that repeatedly performs this cycle turns into “digital fairness,” engineered to outperform the underlying asset by conservative leverage and tenor administration: “If I wish to create an organization that’s going to carry out 2x Bitcoin, I take the Bitcoin, I difficulty Bitcoin-backed credit score… I create digital fairness and the digital fairness outperforms the underlying capital asset.”
He insists the aggressive set shouldn’t be different Bitcoin treasuries however the huge stock of Twentieth-century credit score—mortgage, company, and sovereign—priced off low or repressed yields and sometimes secured by depreciating or illiquid collateral. “What they’re competing towards is the present credit score devices within the capital market,” Saylor mentioned.
The pitch to savers is equally blunt: the “higher financial institution” is one which strips out period and pays a variety over the fiat establishment, funded by over-collateralized Bitcoin. He sketched it in operational phrases: elevate fairness, purchase Bitcoin, then promote short-duration, BTC-secured credit score “that simply strips the period to 1 month… and provides folks 500 foundation factors extra yield than the risk-free charge within the capital market the place you’re promoting the credit score.”
The size he envisions shouldn’t be modest. Saylor walked by jurisdictions the place monetary repression or chronically low coverage charges amplify the unfold, arguing that mature markets with suppressed yields are the ripest soil for “pure-play digital credit score issuers.” Switzerland and Japan had been his canonical examples.
The aspiration, nonetheless, is international. “What if there’s 100 trillion {dollars} of digital credit score and… 200 trillion price of digital capital,” he requested, emphasizing that such a construction may stay over-collateralized reasonably than drift into fractional banking. He additionally pressed the geopolitical logic: company treasuries and well-capitalized exchanges, miners, and custodians change into the “first line of financial protection,” lobbying and normalizing Bitcoin inside home rule-sets the best way incumbent industries do. “If you wish to win the financial struggle you want the establishments that management all of the capital and… the help of the federal government,” he mentioned.
Bitcoin Treasury Firms Will Be Banks
Saylor was specific that company adoption is already compounding. He traced the cohort of publicly traded stability sheets holding BTC from a single agency in 2020—MicroStrategy—to “two or three… then 10… then 20… then 40… a few 12 months in the past there have been 60… three months in the past there have been 120 and proper now there’s greater than 180,” with the goal trajectory transferring from “100 to a thousand to 10,000 to 100,000.” He blended that diffusion story with the platform thesis—Bitcoin constructed natively into iOS, Android, Home windows, and shopper {hardware}—arguing that operating-system-level help is the opposite clear sign that “digital power” has fused with the material of commerce.
Requested concerning the distributional critique—that firms crowd out people—Saylor inverted the premise, claiming institutional flows have largely accrued to early holders. “Once we obtained concerned, Bitcoin was buying and selling $9,000 a coin… immediately Bitcoin’s $115,000,” he mentioned, attributing a lot of the appreciation to company and ETF demand. “That implies that 93% of the achieve… went to the people that owned the Bitcoin earlier than the firms obtained concerned.”
The rhetoric could be martial—Saylor calls it a “protocol struggle”—however his operational self-discipline hinges on avoiding the traps that wrecked miners within the final cycle. Quick and costly liabilities layered onto depreciating {hardware} was, in his view, the deadly mismatch. The treasury archetype he champions favors mid-to-longer period capital constructions tied to an appreciating base asset. “Should you take a mid-duration or long-duration mortgage and purchase an asset appreciating 30 to 60% a 12 months, you’ll in all probability be high quality,” he mentioned, dismissing M&A diversification as value-destructive opacity in comparison with the “good associate” of merely shopping for extra BTC at “one occasions income.”
Saylor On US Coverage
Saylor additionally pushed the coverage and infrastructure horizon, predicting a phased legitimization of tokenized belongings whereas stressing that the “biggest regulatory readability” stays BTC’s standing as a digital commodity that may sit on stability sheets and collateralize credit score. He summarized the brand new political posture in Washington as supportive of constructing the US a “international Bitcoin superpower”—not by nationalizing miners or buying fairness stakes, however by mainstreaming custody, collateralization, lending, operating-system integration, and tax remedy. “They need the finance firms in the USA to cleared the path… and the finance firms in the USA to cleared the path in digital belongings and digital capital and Bitcoin adoption,” he mentioned.
For a group accustomed to debating halvings, hash charge, or on-chain heuristics, Saylor’s endgame facilities elsewhere: indexes, coupons, tenors, and yield curves—all re-denominated atop a brand new financial base. It’s a company finance thesis at Bitcoin’s core. And it doubles as a provocation to boards and CFOs in each foreign money regime: “For each firm on the earth in any capital market, they’re all the time higher off to purchase Bitcoin as their capital asset,” he mentioned. The remaining is execution at scale. “Get to a trillion {dollars} of collateral rising 30% a 12 months, be issuing $100 billion of credit score a 12 months, rising 20, 30% a 12 months,” Saylor concluded. “We’re constructing a greater financial institution.”
At press time, Bitcoin traded at $116,492.
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