"Don't worry" — Seiler discusses the fundamental change in institutional adoption of Bitcoin

Mr. Michael Saylor (Founder and Chairman of Strategy) spoke about the historic turning point Bitcoin reached in 2025, issuing a warning to market participants who react emotionally to short-term price movements. In a conversation on the “What Bitcoin Did” podcast, Saylor repeatedly emphasized that Bitcoin’s true progress is not reflected in temporary market fluctuations but in structural changes in institutional and fundamental aspects. In other words, this signifies that Bitcoin has moved beyond being a speculative asset and has entered a stage where it is recognized as a corporate asset.

Fundamentals Reach Historic Highs — Three Structural Turning Points in 2025

In the year 2025, the environment surrounding Bitcoin changed dramatically. The most important indicator pointed out by Saylor is the increase in the number of publicly traded companies holding Bitcoin on their balance sheets. While around 30 to 60 companies held Bitcoin in 2024, it is projected to surge to approximately 200 companies by the end of 2025. This figure is not just a statistic but symbolizes the full-scale entry of institutional investors.

At the same time, in 2025, three barriers that once constrained the industry collapsed simultaneously. First, the revival of insurance coverage. Saylor himself recounted that in 2020, when he purchased Bitcoin, an insurance company unilaterally canceled his policy. For four years afterward, despite holding assets worth hundreds of billions of dollars, he struggled to pay even $40 million in premiums. In 2025, that door finally opened.

Next, the introduction of fair value accounting. This allowed Bitcoin-holding companies to recognize unrealized gains for the first time. The issue of a substitute minimum tax on corporate taxes was also resolved with proactive government guidance, alleviating tax concerns regarding corporate Bitcoin holdings.

The most symbolic change was the approval of Bitcoin at the government level. The U.S. Department of the Treasury expressed clear support for including cryptocurrencies on bank balance sheets. The chairs of the CFTC and SEC also officially declared their support for Bitcoin. As a result of this policy shift, the actions of major U.S. banks accelerated rapidly. From a situation at the beginning of the year where “lending only 5 cents against $1 billion worth of Bitcoin” was common, by the end of the year, many large banks had begun offering IBIT-backed loans, and JPMorgan Chase and Morgan Stanley are planning Bitcoin-collateralized loans.

Don’t Be Fooled by Short-Term Price Movements — A Long-Term Investor Framework

In a discussion between Saylor and podcast host Danny Nowels, an interesting point emerged. Nowels asked a typical question: “How do you see the price in 2026?” Saylor’s answer was clear: “Trying to predict market trends over 100 days is pointless,” he dismissed outright.

Saylor’s reasoning is based on a historical framework. Looking at the entire history of ideological movements over the past 10,000 years, individuals dedicated to something have typically acted in “decades.” If the goal is the commercialization of Bitcoin, then valuation metrics should be considered over 10 years, not 10 weeks or 10 months.

In fact, when viewing Bitcoin’s performance through a 4-year moving average, a strongly bullish upward trend becomes evident. While recent 95-day price fluctuations may have declined, Bitcoin has still surpassed its previous all-time highs within that same period — this is the point Saylor wants to emphasize. The core investment decision should be based on long-term structural changes rather than short-term price movements.

Toward a Market of 400 Million Companies — The Grand Potential of Bitcoin Capitalism

One of the most stimulating statements from Saylor was his defensive stance on corporate Bitcoin purchase strategies. Some have raised concerns, asking, “If more than 200 companies buy Bitcoin, can the market handle it?” In response, Saylor posed a fundamental counterquestion.

“Are you thinking that the market will become saturated if 400 million companies exist worldwide and 200 of them buy Bitcoin?” This rebuttal has economic persuasive power. Some companies, despite incurring annual losses, hold Bitcoin on their balance sheets, generating capital gains of $300,000 against a $300,000 loss. This is not speculation but a rational business strategy.

Saylor states that criticizing companies that hold Bitcoin is misguided. The real issue should be the management decisions of “companies that do not hold Bitcoin despite losses.” The analogy that electricity is a universal capital powering all machinery in factories, and that Bitcoin is also a universal capital in the digital age, intuitively captures the essence of this logic.

The Dollar Reserve Enhances Trust — The Vision for a Digital Credit Market

The core of Strategy, led by Saylor, is not banking but the creation of “digital credit.” This is a crucial point. When asked why they started accumulating dollar reserves, Saylor answered clearly: it is to enhance corporate creditworthiness and lower psychological barriers for credit investors.

Investors who buy credit have a different mindset from stock investors. Stock investors seek higher volatility and would want to increase Bitcoin holdings. However, credit investors seek the “most creditworthy assets.” Holding dollar reserves raises a company’s credit score and increases the appeal of issuing digital credit products.

Saylor’s envisioned market is astonishing. If they can capture 10% of the government bond market, it would be a $10 trillion market. The product he designed, STRC (Strategy Deferred Digital Credit), aims for an ideal specification with a 10% dividend yield and a book-to-market ratio of 1 to 2. The reason for not entering banking is to avoid dispersing focus. Instead, his true interest lies in developing the world’s best digital credit products utilizing Bitcoin capital.

Currently, some companies issue senior and corporate credits. However, there are zero companies worldwide operating financial products backed by Bitcoin, Bitcoin-backed insurance products, or Bitcoin-backed exchanges. This untapped area is the source of strategic opportunities for Strategy.